PancakeSwap (CAKE) has become one of today’s top gainers after surging over 14% in the past 24 hours to reach $3.24, its highest price since March.
Backed by a 202% spike in trading volume and renewed investor attention following Binance’s Delabs Games TGE launch, the CAKE token has broken above a key resistance level, with bullish analysts now eyeing a potential 1,100% upside.
BNB Chain Momentum and TGE Boost Fuel Rally
PancakeSwap’s latest rally coincides with the July 28 launch of Delabs Games’ Token Generation Event (TGE) on PancakeSwap via Binance Wallet.
This move redirected attention to the DEX’s interface and increased CAKE’s utility as the native platform token. The event may have contributed to a surge in trading volume, reaching $432 million within 24 hours, according to data from CoinMarketCap.
Broader network momentum also played a part. The Binance Coin (BNB), the core asset powering PancakeSwap’s underlying blockchain, surged 12% this week, hitting a new all-time high of $858.17 on Monday. Meanwhile, additional data shows that PancakeSwap accounts for 64% of BNB Chain’s protocol revenue.
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PancakeSwap Price Prediction: What’s Next for CAKE?
The PancakeSwap price appears to have completed a clean breakout above its multi-month horizontal resistance, which had capped price movement since early Q2, around $2.80–$3.00.
A chart shared by World of Charts on X confirms that CAKE is “moving as expected,” already delivering a 15% profit from breakout levels and hinting at more room to run.
Meanwhile, popular analyst Javon Marks pointed out an even more aggressive projection, citing a long-term technical target at $40.794, representing a potential +1,110% move from current levels. “This strength is minimal in larger perspective,” he posted, referring to CAKE’s breakout from a long-term downtrend stretching back to 2022.
On the lower timeframes, indicators like RSI remain below overbought territory, suggesting there’s space for momentum to build before any correction.
In the short term, CAKE traders are eyeing $3.50 as the next psychological and technical resistance, followed by $4.00, a level last seen in 2024. If this range is cleared with volume, it could open the door to the mid-term target zone of $6.50–$7.00, an area aligned with early 2023 supply levels.
On the downside, former resistance at $2.85 now flips into strong support. A breakdown below that could invalidate the current bullish thesis and open the door for consolidation or reaccumulation.
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