Maker (MKR) has recently experienced a breakout after being trapped within a symmetrical triangle for nine months. The price surged past the $1,500 resistance level, indicating a potential move toward $1,950. The breakout was confirmed by a bullish candle breaking through the descending trendline, suggesting a 30% move could be on the horizon. Whale dominance and strong net inflows have signaled growing institutional confidence in MKR’s breakout, further supporting the bullish case.
Whales currently control 53.63% of MKR, with 11 wallets holding over 624,000 MKR, while 111 investor wallets hold just 29.79% of the circulating supply. This concentration of supply in the hands of a few dominant players gives them significant influence over price direction, especially during volatile periods. Additionally, there has been a notable spike in large-holder netflows over the last 90 days, indicating increased accumulation between February and April, particularly in the $1,300-$1,400 range.
Derivatives traders on Binance are showing increasing bullish sentiment, with the long/short ratio climbing to 1.15 and 53.38% of accounts positioned long as of April 23. This shift in sentiment suggests rising confidence among leveraged traders, which could lead to volatility expansion and price acceleration following the breakout. Volatility metrics show MKR trading in a historically compressed range, with a 30-day volatility drop to 72%. This compression, coupled with breakout conditions, often indicates a strong directional movement ahead.
With MKR trading above the symmetrical triangle and volatility at a low, the likelihood of a sharp move to the upside has increased significantly. If MKR can sustain above $1,500 in the coming sessions, it could potentially rally toward the $1,950 target in the near term. Overall, Maker’s breakout above the symmetrical triangle, supported by whale accumulation, large-holder net inflows, and growing long interest, presents a solidly bullish backdrop for the cryptocurrency. Holding above key levels will be crucial in confirming the strength of the breakout and maintaining the bullish momentum.
