Lookonchain, an on-chain platform, has detected significant activity involving Maker (MKR) tokens, highlighting the impact of a large-scale transaction on the market. A whale, holding substantial amounts of MKR, initiated a sell-off, converting 4,753 MKR into 17.3 million DAI.
Consequently, this move led to a notable 9% drop in the price of MKR. At press time, the whale retains 512 MKR, worth approximately $1.8 million. However, recent developments suggest a potential reversal in this trend.
Despite the initial sell-off, the whale reentered the market with vigor. Just 13 minutes later, they purchased 1,308 MKR from Binance, amounting to $4.34 million. Additionally, around 11 days back, the same entity invested 2,332 ETH, valued at $8.3 million, to acquire 2,957 MKR at $2,799 each. These transactions indicate a strategic play within the MKR market, possibly signaling confidence in its future trajectory.
As of the reporting time, the Maker price stands at $3,552.30, with a 24-hour trading volume of $245,735,384. Over the last 24 hours, MKR has witnessed a 5.86% increase, reflecting renewed investor interest. The market cap of Maker amounts to $3,279,460,984, with a circulating supply of 924,494 MKR coins. The technical indicators present a mixed picture of the market sentiment.
Analysis of the MKR Relative Strength Index (RSI) on the daily price chart reveals a reading of 65.29, approaching overbought conditions. Traders are advised to remain vigilant for potential signs of a reversal or pullback.
Conversely, the KST indicator, currently at 453.3558, indicates bullish momentum, suggesting upward price movement. However, traders should exercise caution and monitor for any discrepancies between price action and indicator trends.
The recent whale activity in the Maker market has stirred both excitement and caution among traders. While significant transactions have influenced short-term price movements, the overall market sentiment remains cautiously optimistic. As investors navigate these fluctuations, monitoring technical indicators and whale activity could provide valuable insights into MKR’s future trajectory.
