In the ever-evolving realm of cryptocurrencies, powerful participants known as "whales" frequently contribute to market fluctuations. Spot On Chain, a provider of on-chain data insights, has recently identified significant whale activity linked to Maker (MKR). A substantial investor deposited 9,696 MKR, valued at $13.9 million, with an average acquisition price of $1,438. This substantial transaction represents the actions of a lone actor.

Cryptocurrency Maker (MKR) Shows Strong Uptrend Since June

In late July, a significant crypto investor made a savvy move by purchasing 9,696 MKR tokens from Coinbase just before a price surge. Their holdings now amount to $11.6 million, acquired at an average cost of $1,200 per MKR. This strategic decision is poised to yield a profit of $2.3 million, marking a substantial 19.7% increase.

Another prominent investor, identified as 0xd4e, acquired 7,155 MKR through cryptocurrency transactions on Coinbase half an hour earlier. This acquisition came at a total cost of $10.3 million, with an average price per MKR at $1,437. Collectively, these deep-pocketed investors have held MKR tokens worth $64.5 million since July 27th.

Their cumulative unrealized profit currently stands at $3.83 million, indicating a 6.3% increase. Maker (MKR) cryptocurrency has experienced a notable uptrend, particularly in June, backed by strong support from an upward trendline. Bullish momentum continued to strengthen throughout August, further confirming the sustainability of this trend. Recent market activity has also reaffirmed the $1,000 horizontal support level.

MKR Hits 2022 High at $1,651 But Struggles to Break $1,600 Barrier

On October 24th, MKR reached its peak at $1,651, a price level unseen since May 2022. Despite this substantial increase, the cryptocurrency struggled to breach the $1,600 mark, resulting in an elongated upper wick on the price chart. What makes this surge intriguing is the fact that Binance received a substantial deposit of $14.6 million worth of MKR at the beginning of October. Typically, large deposits on centralized exchanges can dampen selling activity, but MKR's price followed an unconventional trajectory.

From a technical standpoint, the weekly Relative Strength Index (RSI), a momentum indicator, indicates a favorable trend. An RSI value above 50 in conjunction with an upward trend signifies a bullish market sentiment. Currently, the RSI is in overbought territory. However, the absence of a bearish divergence suggests that the trend might persist.