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Maker (MKR) has displayed steady growth over the past few months. Analytic platform Santiment shows the crypto recorded increased user participation, with active addresses hitting 10-week peaks.
Source – Santiment
Santiment explained that augmented addresses indicated more users joining the Maker platform. Further, the new players remain active. That amplified bullishness for Maker, pushing it above the $1,500 value area.
MKR’s price has gained more than 40% within the last 16 days. The alternative token changed hands at $1,528.62 at press time, soaring more than 7.35% within the past day.
Also, Maker has remained elevated in most of September, surging over 14% over the last seven days.
Nonetheless, Santiment cautioned about the current MKR flow into exchanges, which could signal an upcoming massive dump (in the near term).
Maker continues to cements its dominance in the decentralized finance (DeFi) sector. It recently entered the South Korean market, allowing investors in the region to access its innovative SparkLand protocol.
Furthermore, analysts have perceived native MKR as among the top alts that can flourish despite market-wide uncertainty. However, Maker enthusiasts can follow developments in the overall cryptocurrency market to gauge the token’s price directions going forward.
Crypto market outlook
Altcoin Maker has been resilient recently, maintaining an upside stance even as the broad crypto market battled bearishness. Meanwhile, its recent growth has lowered its correlation with the bellwether Bitcoin, which has remained range-bound lately.
Bitcoin surged 0.18% in the past 24 hours to hover at $26,410 during this publication. The asset’s supply dynamics face a significant challenge amidst amplifying pressure from BTC miners. Miles Deutscher, a renowned analyst, highlighted issues behind Bitcoin’s dilemma.
Some factors include the highest mining difficulty level (ATH hash rates) and rapid cost increments. These have affected miner returns. While attention shifts to the next halving, Deutscher trusts miners might sell their Bitcoins.
Notably, miners are already sending massive amounts of Bitcoin to exchange, magnifying selling momentum in the marketplace. Blockchain platform Glassnode indicates that miner holdings sent to crypto exchanges hit a 315% all-time high.
Source – Glassnode
While Bitcoin soared over the last 24 hours, its technical readings still reflect significant selling pressure. Such indications might highlight what to expect in the upcoming sessions. A substantial downward move by the market leader might dent altcoins’ outlook, potentially damaging Maker’s near-term bullishness.
The post Maker (MKR) price displays stability amid elevated user activity appeared first on Invezz.
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