Maker (MKR) price has skyrocketed over the past 24 hours, breaking above a resistance level that was set in mid-August. The recent surge has seen MKR prices peak at $1,186, before paring some gains as crypto slumped.
Data from Santiment’s on-chain analysis reveals the cause of the bullish momentum – whales and sharks have been accumulating MKR since early July, with more than 61.5k tokens being bought. This two-month buying spree has seen over $70 million worth of MKR purchased, potentially pushing MKR price to new highs in September.
In addition to this accumulation, MKR’s push into South Korea may also be providing a catalyst for the upward move. This is coupled with the recent court ruling that the SEC acted “arbitrarily and capriciously” when rejecting Grayscale’s ETF application – increasing the likelihood of a spot ETF coming to the US market, with MKR firmly in the picture.
Overall, with the whales and sharks continuing to accumulate MKR, the token’s price movement will continue to correlate with their holdings. As such, the likelihood of MKR surpassing its YTD high of $1,350 in the near future increases.
