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Maker (MKR) has experienced a significant bullish breakout, driven by renewed whale staking activity following its rebranding to SKY.
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Two new wallets recently staked over 1,500 MKR tokens, signaling strong investor confidence amid a key technical breakout above a long-term downtrend.
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According to COINOTAG, this breakout opens potential price targets at $2,400, $3,500, and $4,000, marking a pivotal moment for MKR’s market trajectory.
Maker’s recent whale-driven staking surge and breakout above resistance highlight bullish momentum, with key price targets and strong investor confidence shaping MKR’s outlook.
Whale Staking Activity Fuels MKR’s Technical Breakout
On June 5th, two newly active wallets transferred a combined 1,502 MKR tokens, valued at approximately $2.67 million, to Binance before staking them. This strategic move underscores whale confidence in Maker’s evolving ecosystem post-rebranding to SKY, which introduced staking capabilities. Such large-scale staking reduces circulating supply, potentially tightening token scarcity and supporting upward price pressure.
The breakout above the multi-month downtrend line, which had constrained MKR since early 2024, marks a critical technical shift. The price surpassed the resistance trendline decisively, moving toward the $1,783 level and setting sights on the next resistance at $2,435. If sustained, this momentum could propel MKR further to $3,500 and eventually challenge the significant overhead barrier near $4,099, last tested in early 2024.
Source: TradingView
Technical Indicators Support Bullish Reversal
The weekly candlestick chart reveals a strengthening buyer presence, with the breakout candle forming a higher low that confirms the bullish reversal. This pattern suggests that unless MKR falls below the breakout trendline—around the $1,500 support level—the upward momentum is likely to continue. Should prices dip below this threshold, the bullish setup would be invalidated, potentially leading to a retest of the previous downtrend line.
Such technical resilience, combined with whale staking, indicates a strategic accumulation phase rather than speculative trading, which could underpin sustained price appreciation.
Address Profitability and Market Sentiment Analysis
Data from IntoTheBlock shows that approximately 59.96% of MKR addresses are currently “In The Money,” while 23.53% remain “Out Of The Money.” This distribution highlights a solid base of profitable holders supporting the token. Key support zones lie between $1,064.60 and $1,671.80, while resistance levels span from $1,774.27 to $5,645.01, marking potential exit points for traders.
At the time of writing, MKR’s price near $1,751.93 places many holders close to break-even, which could trigger further accumulation if the price breaks above this level.
Source: IntoTheBlock
Spot Taker CVD Signals Potential for Prolonged Rally
CryptoQuant’s Spot Taker Cumulative Volume Delta (CVD) indicates a neutral stance similar to periods preceding MKR’s previous rallies in spring 2021 and late 2023. This neutrality often precedes consolidation or upward price movement, suggesting that if bulls intensify buying pressure, MKR could experience a sustained rally. Monitoring this metric offers valuable insight into market sentiment shifts and potential price dynamics.
Conclusion
Maker’s recent whale-driven staking and breakout above a critical downtrend signal a potentially bullish phase for MKR. The combination of strong technical indicators, increased scarcity through staking, and favorable address profitability metrics provides a solid foundation for further price appreciation. Investors should watch key support and resistance levels closely, as maintaining the breakout trendline will be crucial for sustaining momentum toward higher price targets. Overall, MKR’s evolving ecosystem and market dynamics position it as a noteworthy asset in the current crypto landscape.
