Maker Price Struggles But Shows Strength Compared to Other Cryptos: Can Maker Save Your Portfolio?

• Price Struggles with Potential for Reversal: $MKR is currently trading around $1,095, within a key support zone between $1,000 and $1,100, with analysts cautiously optimistic for a potential breakout toward $6,000.
• Mixed Market Sentiment: The rebrand to Sky and the introduction of new tokens have caused some uncertainty, but developments like the growth of USDS in Sky Token Rewards and multi-chain support offer strong growth potential.
• Expansion and Adoption as Key Drivers: The protocol’s increasing USDS adoption and multi-chain support could fuel growth, but uncertainty around $MKR’s role and governance changes may impact its future.

Maker (now Sky) is a leading DeFi protocol for decentralized lending, borrowing, and non-custodial savings. It uses DAI/USDS as its stablecoin to offer price stability, facilitate transactions, provide liquidity, and reward users for yield generation through decentralized savings and lending mechanisms.

Price Movements

Currently trading around $1,095, $MKR holds a market cap exceeding $933.8 million. Over the past year, its price has struggled to maintain momentum, fluctuating from a high of approximately $4,000 in April last year to a low of $900 in February this year.

Credit: CoinGecko

Price Predictions

$MKR has recently entered its key support zone between $1,000 and $1,100—a psychological level that has historically acted as a demand zone. Analysts are cautiously optimistic, predicting a potential reversal in this region followed by a breakout that could push $MKR toward a target of over $6,000.

Market Sentiment and Developments

Market sentiment around $MKR is mixed. On one hand, the rebrand to Sky and the introduction of new tokens have created uncertainty among investors. On the other hand, recent developments, such as USDS in Sky Token Rewards nearly doubling and expanding multi-chain support from Ethereum, Solana, Base, and Arbitrum, with further expansion planned, indicate strong growth potential.

Future Outlook

Looking ahead, the protocol’s expansion, increasing USDS adoption, and multi-chain support could drive growth, but uncertainty around $MKR’s role and governance shifts may impact its trajectory.