In the current market uncertainty, whale interest appears to have shifted to CAKE, the native token of PancakeSwap. Recently, data from the on-chain analytics firm Santiment
In the midst of current market uncertainty, interest from large cryptocurrency traders, also known as whales, seems to have shifted 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, having skyrorocket in the past week. The report highlighted that the percentage change in transactions made by whale wallets holding over $100,000 in CAKE surged by 439.71% over the last seven days.
This was followed by HEX and Mantle (MNT), which saw increases of 275% and 144.44%, respectively, in the same period.
However, this massive whale activity might be the reason behind CAKE’s 56% upside momentum over the past week, while major assets like Bitcoin (BTC), Ethereum (ETH), and XRP struggled to gain traction. Besides this strong rally, CAKE appears to be following a similar pattern.
As the asset surges over 4.5% in the past 24 hours and trades at $2.70 at the time of writing, on March 22, 2025, its trading volume increased by 15%, indicating higher participation from investors and traders compared to the previous day.
Moreover, with the massive price surge in recent days, CAKE has reached a crucial resistance level with a strong history of price reversals. In other words, this level has previously acted as a significant selling pressure zone.
According to expert technical analysis, CAKE has reached a strong resistance level at $3 and has been consolidating near this level for the past three days. Based on recent price action and historical momentum, if CAKE breaches this resistance and closes a daily candle above $3.05, there is a strong possibility that the asset could soar by 45% to reach $4.30 in the coming days.
On the other hand, if it fails to break the resistance, the asset could repeat its historical pattern and experience a price decline. Additionally, CAKE is now trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset is in an uptrend.
