Amidst the current market uncertainty, there has been a notable shift in whale interest towards CAKE, the native token of PancakeSwap. According to recent data from the on-chain analytics firm Santiment, PancakeSwap leads all assets in whale activity, with a significant surge over the past week.
The report highlights a 440% increase in whale wallet transactions holding over $100,000 worth of CAKE in the past week. This surge in activity surpasses other assets like HEX and Mantle (MNT), which saw jumps of 275% and 144.44% respectively during the same period.
This increased whale activity may be a contributing factor to CAKE’s impressive 56% upside momentum over the past week, outperforming major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP. Despite this strong rally, CAKE seems to be following a familiar pattern.
As of March 22, 2025, CAKE has surged over 4.5% in the past 24 hours and is currently trading near $2.70. The trading volume has also seen a 15% increase during this period, indicating heightened participation from investors and traders.
With the recent price surge, CAKE has reached a crucial resistance level that has historically acted as a significant selling pressure zone. Expert technical analysis suggests that if CAKE manages to breach the $3 resistance and close a daily candle above $3.05, the asset could potentially soar by 45% to reach $4.30 in the near future.
However, failing to break the resistance could lead to a price decline, following its historical pattern. It is worth noting that CAKE is currently trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend.
In conclusion, the surge in whale activity and the current price momentum of CAKE on PancakeSwap indicate an intriguing development in the cryptocurrency market. Investors and traders will be closely watching how CAKE performs in the coming days, especially with the potential for a significant price movement if key resistance levels are breached.
