Maker (MKR) price is making waves as it trades around $1,131.62, down 0.49% in the last 24 hours and 8.52% in the last week.
At the time of writing, the token carries a market cap of $1 billion and a circulating supply of 886.97K MKR.
According to technical analysis, the token can soon rise steadily to its targets of $2,500, $4,000, and $6,500.
MKR Price Long-Term Trendline and Key Fibonacci Levels
Since the low of $485.19, Maker has been in a long-term trendline up. That trendline has been a strong support to severity.
The price has resumed its upward momentum recently. It recently bounced from the 0.236 Fibonacci retracement level at $894.19 and respected this trendline.
The next key level is the 0.382 Fibonacci retracement at $1,305.25. That could be a moment where the pair plays the role of either support or resistance.
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Beyond that, the 0.5 retracement at $1,771.96 and 0.618 retracement at $2,405.55 present intermediate targets.
A potential rejection zone on the chart is near the 0.786 Fibonacci level at $3,717.33, an area that’s seen historically strong resistance.
Clearing this level would probably elevate bullish momentum and would lead to higher targets such as $6,500.
Holder and Transaction Data Indicate Mixed Sentiment
According to IntoTheBlock’s on-chain data, 47% of Maker holders are in profit and 52% are in loss.
This creates a mixed dynamic where some could be encouraged to sell by rising prices, while others stay optimistic.
About 82% of the total supply is held by large holders, while whales control 100% of the token’s distribution.
The level of this concentration implies whale activity is influential in market moves. But it suggests there can be potential support if the big holders remain in the long rip.
The amount of transactions greater than $100,000 over the past seven days was $52.32 million, showing strong institutional or high net worth interest.
Token outflows of $955.7K from exchanges imply tokens are leaving to private wallets, often indicating long-term holder behavior.
Correlation with Bitcoin and Holder Composition
Maker’s correlation with Bitcoin (BTC) is moderately negative (-0.59) so its price changes are somewhat unrelated to Bitcoin’s.
Maker can be a good diversification option in portfolios this way but is not independent from the broader crypto market.
The long-term holder data reveals that 85% of MKR investors hold their tokens for over a year while only 2% hold for less than a month.
This is a very high proportion of long-term holders that indicates confidence in Maker’s future potential and makes selling panic much less likely.
Source: https://www.thecoinrepublic.com/2025/01/30/maker-mkr-eyes-explosive-gains-could-6500-be-the-next-big-milestone/