Amid market uncertainty, whale interest has shifted to CAKE, the native token of PancakeSwap. According to Santiment, PancakeSwap leads in whale activity with a significant surge over the past week.
Growth of Whale Activity
The report revealed that transactions by whale wallets holding over $100,000 worth of CAKE increased by 439.71% in the past week. PancakeSwap outpaced other assets such as HEX and Mantle (MNT), which recorded increases of 275% and 144.44% respectively during the same period.
Current Price Momentum
On March 22, 2025, CAKE surged over 4.5% in the past 24 hours and is currently trading near $2.70. Trading volume also increased by 15%, indicating higher participation from investors and traders compared to the previous day. The significant price rise has reached a crucial resistance level, historically known as a high selling pressure zone.
Technical Analysis of PancakeSwap
According to expert technical analysis, CAKE has reached a strong resistance level at $3 and has been consolidating near this level for the past three days. If CAKE breaches this resistance and closes a daily candle above $3.05, there is a strong possibility of a 45% increase to $4.30 in the coming days. Otherwise, failing to break the resistance may lead to a repeat of its historical pattern and a subsequent price decline. CAKE is also trading above the 200 Exponential Moving Average (EMA), indicating an uptrend.
Whale activity and recent price surges make PancakeSwap (CAKE) one of the most discussed assets in the market. Despite strong resistance, current trends and technical indicators could support further growth or serve as a warning of potential volatility.
