Whale Interest in PancakeSwap (CAKE) Token Surges 440%

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 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 reported that PancakeSwap leads all assets in whale activity.

According to the latest report by Santiment, the percentage change in transactions made by whale wallets holding over $100,000 worth of CAKE increased by 439.71% over the past week.

This was the largest gain among the top10 assets. After CAKE, HEX and Mantle (MNT) recorded gains of 275% and 144.44%, respectively.

However, this massive whale activity might be the reason behind CAKE’s 56% upside momentum in the past week, while major assets like Bitcoin (BTC), Ethereum (ETH), and XRP struggled to gain traction.

After a strong rally, CAKE appears to be following a similar pattern.

CAKE Surges 4.5%

On Wednesday, March 22, the asset surged over 4.5% in the past 24 hours and is currently trading near $2.70. During the same period, its trading volume increased by 15%, indicating higher participation from investors and traders compared to the previous day.

With the recent price surge, 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.

Pancakeswap (CAKE) Technical Analysis and Upcoming Levels

According to Benzinga’s analysis, CAKE has reached a strong resistance level at $3 and has been consolidating near this level for the past three days.

If the asset breaches this resistance and closes a daily candle above $3.05, there is a strong possibility that CAKE could soar by 45% to reach $4.30 in the coming days.

However, 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. A break below this EMA could indicate a weakness in the asset’s price.