MKR prices have risen more than 40% since June 26, causing the price to rise above the $ 2500 resistance level. With the coin near this critical resistance after the June 30 test, speculation as to whether the coin would see any further surge was more pronounced.
A recent report highlighted that MKR’s daily active addresses rose 97% over the past week, along with a sharp surge in the unique address activity of other Defi-Tokens. It indicated a new wave of demand for DeFi and that “sustained spikes in address activity may be an early signal of growing network confidence and a possible return to form” for DeFi’s blue chips.
The report also stated:
- AAVE’s daily active addresses are up 24.1% since Monday.
- MKR’s daily active addresses are up 97% since Monday.
- UNI’s daily active addresses are up 72.5% since Monday.
- COMP’s daily active addresses have increased 72.8% since Monday.
Shortly after this report, MKR was on a list of the best performing coins for the past 24 hours as it showed signs of a rally. Interestingly, this coincided with the release of the highly anticipated full decentralization of the Maker Protocol that is underway. More recently, their Governance Facilitators, on behalf of the MakerDAO Open Market Committee, had put a governance poll into the voting system on June 28th.
While Maker’s market position looks promising, there are currently a few key metrics that should be watched. For example, according to the Santiment report, there has been a steady increase in the number of active addresses on the network. It is also predicted that an increase in the inflow of foreign exchange can be determined if the Alt breaks the 2.5K mark.
At the time of publication, MKR was trading at $ 2272, with fund inflows seeing a significant increase towards the end of June. In addition, the recent price rally caused the Bollinger Bands to diverge, suggesting a wider price range for the asset.
In addition, the number of whale transactions is starting to increase. What is noteworthy is that if you look at the previous times when the metric has increased, most of the time the metric is in line with the peaks.
MKR is also seeing increased trading volume, indicating increased interest in the alternative. However, those positive signs don’t overshadow the fact that the asset is down 57.54% from its ATH of $ 6,233.67. A short-term correction for Makers would not be too surprising given the flattening of the Infows curve.
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