Maker (MKR) prices have exceeded 44% in the past week. Defi Token remains stable despite the large wallet investors and whales holding MKRs making profits from the ongoing price surge. On-chain and technical indicators support manufacturers' further profits.
Manufacturer's Derivatives and Chain Analysis
Sky Protocol (formerly manufacturer) (MKR) MKR token ignored market trends last week. According to crypto.news pricing data, the tokens were worth more than 44%. Derivative data and chain analysis support the bullish papers of defi tokens next week.
Crypto Intelligence Platform's derivatives data Coinglass showed a major positive spike in MKR's open interest on February 21st. The spike represents a significant increase in the total value of MKR's open contracts across derivative exchanges.
Coinglass data shows that the MKR OI was $1685 million as of writing on Friday, February 21st.
As seen in Defillama, the total amount of assets locked in MKR has skyrocketed to $5.675 billion. This coincides with rising prices, relevance and demand for tokens between traders. The rebranding to Sky Protocol has proven effective in driving adoption of market participants.
Santiment data shows some negative spikes in the network realized profit/loss metrics on the MKR chart since mid-January 2025. This shows that some traders and MKR owners are reducing their holdings and achieving losses.
A consistent realization of losses is usually considered a sign of surrender and is consistent with the final recovery in token prices. MKR's daily active address peaked for nearly three months this week, indicating an increase in interest from traders.
The supply of MKR tokens held by whales (excluding exchange wallets) rose and recovered from the decline that remained in the first week of February. This is another bullish sign for Defi Token.
The in/out of money around the Intotheblock price indicator indicates that 30% of the wallet addresses holding the MKR are currently falling into unrealized losses. 65.55% of MKR token holders earn unrealized profits in their portfolio.
Combining In/of the Money with the network's realised profit/loss indicators makes it less likely that profitable traders will make a profitable profit, as the current trend is the trend of yield. As more sales pressure on MKR is unlikely to be possible next week, the token can extend its profits and maintain its underlying positive momentum.
Manufacturer (MKR) Weekly Price Forecast
The manufacturer broke out from a downward trend on February 12th. Since then, the token has recovered and has been extending profits almost every day this week. At the time of writing, MKR is trading at $1,473 on Friday.
The tokens are close to two key levels of MKR's upward trend from October 26th to December 4th: $1,632 and $2,050 resistance. If the fix occurred, MKR was able to find support for $1,125.
There are two important technical indicators, the moving average convergence branch indicator and the bullish signs of relative strength index flash, in the daily time frame. The MACD displays a continuous green histogram bar above the neutral line, and the RSI reads 74 and is tilted upward.
This usually generates sales signals, but with underlying positive momentum in MKR, MACD, and MKR price trends, there is an additional benefit.
The rally to test resistance at $1,632 shows a rally of almost 15% at MKR prices.
Even if whales cash out their holdings of MKR amid price surges, they cannot negatively affect the price. Observing a price drop when a large entity reduces its holdings is typical of tokens, but MKR prices are stable.
The wallet address, identified as the blockchain's inquiry.eth, sold 1,230 MKR worth USD 178 million, securing a 30% profit of $418,000 within a month.
On-chain data shows that in April 2024, the whales earned $1.86 million from previous MKR transactions. The cumulative profit for the whales is $2.27 million through the MKR transaction.
MKR is stable in Dao dramas
According to the X community, the drama surrounding Sky Protocol (Maker DAO) has been identified as a “potential governance attack.”
A longtime maker community member, @imperiumpaper, has expressed his dissent against the rapidly tracked governance proposal calling for relaxation restrictions on borrowing to MKR, the governance token of the Sky Protocol chain.
When the community discusses the proposal, one claims that it “bypassed the due process,” which has “doubled the MKR token holder's credit line doubled > doubled, and LTV rises from 50% to 80% “I insist.”
Token continues the rally while the DAO drama unfolds.
The manufacturer token is equivalent to $17 million burning and supports profits
This week's MKR's second market mover is the $17 million token burn identified on the blockchain. When a large number of tokens are burned, they are permanently removed from the supply, reducing sales pressure and supporting price increases.
Whale Alert: The tracker has identified 14,000 MKR token burns over $16.9 million and has been added to the rising catalyst this week.
At the time of writing, MKR is trading at $1,432 on Friday.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
