MakerDAO’s governance token, MKR, has surged double digits in the last 24 hours, making it the market’s top performer. The token hit a seven-day high of $1,485 early Thursday, signaling renewed bullish momentum. Could this rally continue?
MKR Demand Surges as Investor Interest Grows
On-chain data reveals a sharp rise in MKR’s active addresses, reflecting increased trading activity and investor interest.
- MKR’s active addresses reached a seven-day high of 498, marking an 8% increase in 24 hours, according to Santiment.
- A higher number of active addresses suggests growing demand, which strengthens MKR’s market position.
At the same time, MakerDAO’s Network Realized Profit/Loss (NPL) has turned negative (-233,000). This means investors are selling at a loss, which often reduces selling pressure. If this trend continues, it could create a favorable setup for a sustained rally.
MKR Flips Resistance to Support – Can It Reach $1,780?
MKR has successfully turned the $1,464 resistance into a support level. If demand holds steady, buyers could prevent a dip below this floor and push prices higher.
Key Price Levels to Watch:
- Bullish Scenario: If buying pressure builds, MKR could rally toward $1,780, a level last seen on February 27.
- Bearish Scenario: If selling pressure increases, MKR may drop below $1,466, potentially falling as low as $1,109.
Will MKR Continue Its Uptrend?
The combination of rising investor activity, strong demand, and a flipped resistance level suggests MKR has room to continue its upward trajectory. However, traders should watch for shifts in sentiment, as renewed bearish pressure could stall the rally.
