In the times when the crypto markets have remained quiet, floating around the market capitalization of $1.05 trillion, Maker (MKR) has successfully held the gains that the other altcoins lost in the recent plunges. This has also made the token one of the leading performers of the year and among the strongest contenders for the token with the most potential to maintain the bullish streak until the end of the year.
In a recent update, the SEC delayed the spot ETF decision, which pushed the markets into a state of uncertainty. The bitcoin price dropped and appears to have settled around $26,000, while the MKR price recorded huge growth. The rally occurred amid strengthening fundamentals after the MakerDAO raised its spending on incentives by nearly 8%.
The MKR price has been trading under extreme bearish conditions ever since it marked highs beyond $6000 during the 2021 bull run. However, after the recent rebound from the lows close to $500, the token triggered a huge upswing, due to which the price surged beyond $1000. However, the bears extracted some profits that dragged the token slightly lower. After recording a couple of bearish closes, the MKR price is set to print a bullish weekly candle, which may lay the foundation for a huge upswing soon.
On the other hand, the whales and sharks continue to accumulate MKR, which they have been doing for over a couple of years. As per the data from Santiment, these whales and sharks hold MKR tokens worth $11.6K to $11.6M, which comes to about 61.5K tokens.
Collectively, Maker has been displaying its strength for over a couple of months, while the trend of the other tokens was pretty uncertain. With the speculation of a rise in their holdings in the near future, the possibility of an extended bullish trend also emerges. Therefore, the MKR price displays the potential to reclaim its highs in the upcoming bullish cycle and also achieve the 5-digit milestone very soon.
