- Fresh wallets withdrew and staked 1,502 MKR worth approximately $2.67 million from Binance.
- Bullish breakout from the downtrend is a great sign for Maker, targeting $2400, $3500 and then $4000.
After the rebranding of Maker [MKR] to SKY, which allowed for staking, traders continued to engage in the activities with another set of fresh whales diving into action.
However, MKR crypto was down 5% as well as volume was down 34%.
Whale action sparks MKR price breakout
On the 5th of June, two new wallets “0x1B8…6e172” and “0x3E5…0a2” sent out a total of 1,502 MKR to Binance, which at the time of the transaction was valued at around $2.67 million.
Both wallets took the active step of staking all their tokens, which displayed their strong faith in Maker’s future.
An individual making this move might aim to participate in MakerDAO’s decisions or anticipate a rise in MKR’s price.
Transferring large amounts from new wallets indicates a strategic approach by investors, rather than mere trading. This locking of funds makes MKR scarcer, potentially strengthening the network.
Meanwhile, MKR broke out above the long downtrend that was in place from early 2024 until mid-2025. The breakout was strong, since the price went beyond the downward trendline and kept heading toward $1,783.
Because of this, MKR may reach $2,435 next, which was previously a resistance level for the cryptocurrency.
Should the upward trend stay in place, MKR might extend gains toward $3,500 and then meet the serious overhead barrier at $4,09,9, which limited price growth at the beginning of 2024.
Source: TradingView
In the event that Maker dips below the breakout area and drops below $1,500 again, it may need to test the earlier downtrend line.
The weekly candlestick pattern showed buyers gaining strength and the breakout candle broke above a higher low, which further strengthened the bullish reversal.
All in all, unless MKR drops below the breakout trendline, the trend could stay bullish and prices might rise further.
In case prices drop below the support, the setup gets nullified.
Active addresses profitability and CVD
According to IntoTheBlock, 59.96% of MKR addresses are currently “In The Money,” while 23.53% remain “Out Of The Money.”
Between $1,064.60 and $1,671.80, there were the most bullish as key support levels.
Meanwhile, resistance stretched from $1,774.27 to $5,645.01—highlighting where past holders might look to exit.
At press time, MKR traded near $1,751.93, hovering at break-even for many wallets. A push above could trigger continued accumulation.
Source: IntoTheBlock
Lastly, recent neutrality in MKR as per the Spot Taker CVD on CryptoQuant was similar to the spring 2021 and late 2023 growth.
After shifting to neutral, a consolidation or an upward rally took place, it suggested a possible prolonged rise if bulls put more pressure on the market.
