MKR Whale Accumulation Hints at Bullish Reversal

Coin WorldMonday, Mar 3, 2025 9:41 pm ET

1min read

Maker (MKR) is currently testing a critical psychological support level at approximately $1,500, with market dynamics hinting at a possible bullish reversal. Despite recent bearish pressure, on-chain metrics suggest that whale activity may be signaling an upcoming accumulation phase. According to Lookonchain, a prominent whale has recently invested significantly in MKR, illustrating renewed interest among large investors.

Maker is hovering around the vital psychological support level at approximately $1,500. Technical indicators and the overall daily chart structure convey a prevailing bearish sentiment surrounding the asset. Should MKR fail to stay above this level, it may trigger a further descent towards $1,345. The current market situation displays uncertainty; while buyers are attempting to maintain their stance, sellers continue to hold substantial influence.

Conversely, if MKR decisively breaches the $1,500 threshold, a decline to around $1,345 could follow, opening the door for more significant market movements. While MKR’s price action has been predominantly bearish, its on-chain data reveals a more optimistic narrative. The past day has seen a marked increase of over 10% in large transactions, indicating heightened trading activity from major investors.

Recent reports from Lookonchain reveal that a whale wallet identified as 0xB4eA recently acquired 3,334 MKR for approximately $4.89 million from decentralized exchanges and Binance. Additionally, another wallet, 0x1d1d, withdrew 900 MKR ($1.33 million) from Binance, indicating a potential accumulation trend. Moreover, MKR’s network growth appears to be on an upward trajectory. Data from IntoTheBlock showcased a relative recovery, with the network growth rate currently at 1.29%.

The battle between bulls and bears at the crucial $1,500 psychological level remains fierce. If MKR can hold above this essential support, sustained buying pressure may facilitate a recovery in prices. Conversely, failing to maintain this pivotal zone could pave the way for a decline towards $1,345. In summary, while MKR contends with significant bearish forces, increasingly positive on-chain metrics from whale activities and network growth suggest potential for a bullish reversal. Traders and investors will need to closely monitor the $1,500 level to gauge the future direction of

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.