Today, Lookonchain, an on-chain tracking platform, made an announcement on X (formerly Twitter), revealing that three significant holders are actively accumulating Maker (MKR). According to their post, these large MKR holders have withdrawn over $3 million collectively from both Binance and OKX.
The first withdrawal, which occurred within the last 24 hours, was initiated by the entity with the address 0x6b. This particular actor withdrew 1,001 MKR, equivalent to $1.46 million, from Binance. Just an hour later, another whale with the address 0x9e also moved MKR tokens out of Binance. In this second transaction, they withdrew 869 MKR tokens, valued at around $1.27 million.
More recently, the holder with the address 0xB4 withdrew 300 MKR tokens from OKX, worth approximately $437,000 at the time of the transaction. According to Lookonchain, this particular holder now possesses 800 MKR tokens with a total value of $1.17 million.
As of the latest data available, CoinMarketCap indicated that MKR’s price had surged by 4.34% in the past 24 hours. Consequently, the altcoin was trading at $1,481.63. Alongside this price increase, MKR’s daily trading volume saw a significant uptick of 32.57%, resulting in a total trading volume of $49,269,924.
From a technical perspective, an important technical indicator was recently triggered on MKR’s daily chart. Over the past few days, the daily Relative Strength Index (RSI) crossed above the daily RSI Simple Moving Average (SMA) line. This development suggests that buyers may have gained an advantage over sellers, potentially leading to a continued rise in the altcoin’s price in the next 24-48 hours.
If MKR’s bullish momentum persists, it may aim to challenge the $1,605 resistance level in the next couple of days. Conversely, if traders decide to take profits, the cryptocurrency’s price could revisit the $1,385 support level, which also coincides with the 9-day Exponential Moving Average (EMA) line.