CAKE Whale Activity Soars 440%, Rally Incoming?
The Most Important Points at a Glance
The activity of large investors (so-called “whales”) in the PancakeSwap token CAKE has increased by 440% over the past week. This could indicate that the price has reached its bottom and an upward movement is imminent. If the price surpasses the $3 mark, CAKE could rise another 40% to reach $4.25.
CAKE Whale Activity Surges Massively
Data from the on-chain analytics platform Santiment shows that whale activity for CAKE has increased by 439.70% in the past week. Such an increase can create buying pressure and push the price higher. According to CoinMarketCap, this increased activity has already led to a 38% rise in CAKE’s price within a week.
Technical Analysis and Price Forecast
CAKE has reached a crucial resistance level in recent days. In the past, this area often led to selling pressure and price declines. However, this time the situation could be different, as the increased whale activity suggests a positive market sentiment.
Technical analysts see a bullish trend if the price breaks through the $3 mark. If this happens, CAKE could rise to $4.25 in the coming days. Currently, the token is trading above the 200-day Exponential Moving Average (EMA), which indicates an upward trend.
At the time of analysis, the price was at $2.62, with a moderate increase of 0.65% within 24 hours. However, trading volume has decreased by 55% in this period, indicating lower market participation.
Overleveraging Among Traders
Despite the positive price movement, many short-term traders are betting on falling prices. Data from Coinglass shows that traders are heavily leveraged at $2.445, with $2.75 million in long positions. At the same time, there is a high concentration of short positions at $2.85, amounting to $3.55 million.
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These data suggest that some market participants do not believe in a sustainable price increase and are betting on declines. However, if CAKE breaks through the resistance level, these short positions could be liquidated, further driving the price upward.
Our Assessment
The significantly increased whale activity in CAKE suggests a potential trend reversal. If the price sustainably surpasses the $3 mark, further upward movement could follow. At the same time, the risk remains that overleveraged traders could cause short-term pullbacks.
For investors, it may be wise to closely monitor the market and wait for confirmation of a sustainable uptrend.
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