What does this indicator mean for the “Blue Chip from DeFi”?

MKR price has risen more than 40% since June 26th and is now breaking the $ 2,500 resistance level. After testing this resistance on June 30th, there is growing speculation about MKR’s upside potential.

One report recently highlighted that MKR’s daily active addresses have increased by 97% over the past week and that the unique address activity of other DeFi tokens has also skyrocketed. It points to a new wave of demand for the decentralized finance (DeFi) market, and “a sustained increase in address activity could be the first signal of growing network trust and the ability to bring“ blue chip DeFi ”back into shape.

The report also states:

• The daily active AAVE addresses have increased by + 24.1% since Monday (June 28).
• The daily active MKR addresses have increased by 97% since Monday.
• UNI’s daily active address has increased by + 72.5% since Monday.
• The daily active COMP addresses have increased by 72.8% since Monday.

Immediately following this report, MKR was on the list of Top Performing 24 Hour Coins with a gain of nearly 4%. Interestingly, this comes as the highly anticipated fully decentralized release of the Maker Minutes is underway. More recently, Governance Supporters on behalf of the MakerDAO Open Market Committee have integrated governance votes into the voting system on June 28th.

While MKR’s market position looks promising right now, there are still important indicators to consider. For example, the number of active addresses on the network has steadily increased, as from. reported Mood. Likewise, many have predicted that if MKR breaks $ 2,500, inflows into the exchange could increase.

MKR / USDT | Source: Trade view

At the time of writing, MKR was trading at $ 2,721 with inflows increasing significantly in late June, and the recent rally has caused the Bollinger Band to diverge towards an open range.

In addition, the number of whale trading businesses is increasing. If we watch the previous increases, most of them are at the top of the price.

MKR price (green) and number of whale transactions> 100k USD (purple) | Source: Sanbase

MKR is seeing higher trading volume, which shows a growing interest in this alternative. However, such positive signs cannot overshadow the fact that the asset is down 57% from ATH to $ 6,233. A short-term correction for MKR would not be too surprising given the flattening of the inflow curve.

Here you can see the MKR prices.

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