The CAKE price has performed well in the past few months as whale investors continue to accumulate the tokens. PancakeSwap token surged to a high of $4.56 on Wednesday, up sharply from the year-to-date low of $1.12.
CAKE Price Surges Amid Whale Buying
The CAKE token has been in a strong uptrend this year, as PancakeSwap, associated with CZ, continued to gain market share in the decentralized exchange industry.
Data compiled by DeFi Llama shows that its DEX volume jumped to $3.55 billion in the last 24 hours, to $22 billion in the last seven days, and to $85 billion in the last 30 days, respectively. This growth makes it the second-biggest player in DEX after Uniswap.
More data shows that the total value locked (TVL) in the network has jumped to over $2.8 billion, up from the year-to-date low of $1.57 billion.
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The surge also happened as third-party data shows that it has encouraging on-chain metrics. Whales now hold over 2.96 million coins, up sharply from 1.41 million on October 1 this year.
The same has happened with smart money investors who have accumulated 507k coins, up by 70% in the last 30 days. The surge accelerated after the network launched CAKEPAD, unlocking early access to new tokens.
This accumulation is a sign that investors expect the CAKE crypto price to continue performing well in the coming months.
CAKE Crypto Price Technical Analysis
The daily timeframe chart shows that the CAKE price has done well in the past few months. It has jumped from the year-to-date low of $1.1275 to $4.56 as whale accumulation continued.
The coin has moved above the important resistance level at $3.3117, the highest swing in July this year. It has also remained above the 50-day and 100-day Exponential Moving Averages.
Additionally, the MACD and the Relative Strength Index (RSI) continued to soar and are nearing their overbought levels. Therefore, the most likely CAKE crypto forecast is bearish. It will likely drop and retest the upper side of the ascending channel and then resume the uptrend.
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