Maker [MKR] price surges 1.66% as buyers return after a month of selling

In the past 24 hours, buyers have shifted sentiment after previously selling a large portion of the asset over the past month. This renewed buying activity has led to a 1.66% price increase.

Buyers stepped into the market in the past 24 hours, continuing a trend that began last month with large-scale selling activity. This shift in sentiment has already resulted in a 1.66% price increase.

Large buy orders could pave the way for a rally

This price jump could be the beginning of a further rally, with an additional 41% upside as Maker [MKR] aims to retest a key resistance level at $1,800, according to AMBCrypto’s analysis.

The In/Out of the Money Around Price (IOMAP) indicator, which helps identify potential demand and supply zones, shows that MKR has reacted off a key demand area that could trigger a major rally.

Source: IntoTheBlock

This zone, located between $1,220.29 and $1,258.43, saw a record 237,880 MKR traded, worth approximately $299 million—a significant volume that fueled the recent uptrend.

When such high-volume accumulation occurs, a corresponding increase in price and volume often signals an impending market rally.

On the chart, MKR appears ready to attempt a bullish breakout from a symmetrical triangle, following the large buy orders. Based on the analysis, if the asset breaks through this resistance, it could surge 41% to reach $1,800.

Source: TradingView

A symmetrical triangle pattern forms when converging support and resistance lines create a consolidation phase. Once price action breaks out, it typically leads to a strong directional move.

Derivatives traders are going long ahead of the rally

Sentiment remains largely bullish, especially in the derivatives market, where traders are opening more long positions in anticipation of a breakout.

According to data from Coinglass, MKR’s Open Interest (OI) has increased to 87.80 million in the past 24 hours. This rise indicates more unsettled derivative contracts in the market.

Source: Coinglass

A closer look at the rising Funding Rate suggests that these contracts favor long positions.

The aggregated Funding Rate, which climbed to 0.0088%, implies that long traders are paying a premium to short sellers to maintain their positions—behavior commonly observed during bullish market phases.

Profit-taking could slow down MKR’s growth

While the broader market exhibits bullish trends, some spot traders are securing profits, as indicated by the exchange netflow turning positive.

Source: IntoTheBlock

The netflow metric, which tracks buying and selling activity within a given period, shows that 989.63 MKR (valued at $1.2 million) was sold.

However, this selling pressure is relatively light compared to the previous days’ buying activity, suggesting that traders are securing profits but keeping the majority of their positions.

It’s crucial to note that if selling activity in the spot market continues and more assets are offloaded, it could indicate a shift toward bearish sentiment rather than a simple profit-taking phase.

However, for now, MKR remains largely bullish, targeting $1,800.