Whales Circle Around MKR, Could the Altcoin’s Price Surge Soon?

The on-chain tracking platform Lookonchain revealed in an X (formerly Twitter) post earlier today that 3 whales are in the process of accumulating Maker (MKR). According to the post, these large MKR holders withdrew more than $3 million collectively from both Binance and OKX.

The first withdrawal performed over the past 24 hours by these whales was initiated by the whale 0x6b. This particular whale withdrew 1,001 MKR, valued at $1.46 million, from Binance. Just an hour later, whale 0x9e also transferred MKR tokens out of Binance. In this second transaction, 869 MKR tokens, estimated to be worth $1.27 million, were withdrawn.

Most recently, the whale 0xB4 sent 300 MKR tokens out of OKX. At the time the transaction was performed, the collective value of these tokens was around $437 thousand. According to Lookonchain, this particular whale now holds 800 MKR tokens valued at $1.17 million.

Meanwhile, at press time, data from CoinMarketCap indicated that MKR’s price had risen 4.34% throughout the past 24-hour cycle. As a result, the altcoin was changing hands at $1,481.63. Along with the increase in price, MKR also recorded a 32.57% uptick in its daily trading volume. Subsequently, MKR’s total trading volume stood at $49,269,924.

Daily chart for MKR/USDT (Source: TradingView)

From a technical standpoint, a noteworthy technical flag was triggered on MKR’s daily chart over the past few days. During this period, the daily RSI line crossed above the daily RSI SMA line. This may suggest that buyers have gained an upper hand against sellers. Subsequently, the altcoin’s price may continue to rise in the coming 24-48 hours.

Should MKR’s bullish momentum continue, it may attempt to challenge the $1,605 resistance level in the coming couple of days. Conversely, if traders begin to take profit, then the cryptocurrency’s price may retest the $1,385 support level, which was also confluent with the 9-day EMA line.