- There has been an increase in MKR’s network activity.
- The token assessed on a weekly chart showed that it remains poised for further price increases.
Over the past year so far, there has been a notable increase in the daily number of addresses conducting transactions involving the Maker [MKR] token, on-chain data from Santiment has shown.
As of January 4, 610 addresses completed transactions related to the altcoin, marking a 3% increase from the 594 addresses recorded on January 1.
As the number of daily active addresses rose, MKR also registered a corresponding rally in daily demand for new products. According to the data provider, the daily number of new addresses created to trade the alt has increased by almost 5% since the beginning of the year.
Source: Santiment
In a after on X (formerly Twitter), Santiment noted that growth in an asset’s network activity is often “accompanied by growth in market capitalization.”
This has been the case for MKR, whose market cap and price have risen 9% and 7% respectively over the past four days.
Source: Santiment
MKR on a weekly chart
At the time of writing, the alt was exchanging hands for $1,808, according to data from CoinMarketCap. The price movements assessed on a 7-day chart revealed steady demand for MKR and the continued presence of bullish sentiment in the market.
According to Directional Movement Index (DMI) measurements, the positive directional index (green) was above the negative directional index (red) at the time of writing.
When these lines are positioned in this way, it suggests that buying pressure is greater than selling pressure, indicating a potential uptrend.
The Average Directional Index (yellow), which confirms the strength of a market trend, stood at 35.86 at the time of writing. An ADX above 25 generally indicates a relatively strong trend. Therefore, the MKR market is moving in a clear direction.
Additionally, key momentum indicators placed near overbought areas at the time of writing indicated that buying activity exceeded the token sell-off. For example, MKR’s Relative Strength Index (RSI) was 71.46, while its Money Flow Index (MFI) was 68.50.
How much is 1,10,100 MKRs worth today?
Similarly, the token’s Chaikin Money Flow (CMF) maintained an uptrend at the time of writing and rested above the zero line.
The CMF value of 0.08 confirmed the steady inflow of liquidity into the MKR market, a trend known to further drive up the price of an asset.
Source: TradingView