MakerDAO Network Achieves Record $42.19M Monthly Fees Despite MKR Price Drop
Bitcoin has fallen below $94,000 while Ethereum remains under $3,400. MakerDAO is holding firm at the $1,500 psychological level despite an 18.94% drop over the past 30 days and increasing market volatility indicating a potential bearish continuation.
MakerDAO Hits New Records This December
Despite bearish market conditions, MakerDAO achieved new milestones in December. According to DeFi Llama, monthly fees on the network surpassed $40 million, currently at $42.19 million.
Monthly revenues also exceeded $27 million, reaching $27.71 million, marking a record for the network. In the last 24 hours, revenues totaled $811,879, contributing to all-time fees of $560.01 million. The growth of the MakerDAO network suggests potential bullish trends for 2025.
MKR Token Price Analysis
The daily chart shows MakerDAO’s MKR token price forming a falling wedge pattern, declining from $2,425 to $1,521 since December. This pullback threatens the $1,500 psychological mark, with prices falling below the 200-day, 50-day, and 100-day EMA lines.
A bearish crossover between the 50-day and 100-day EMA lines appears likely. The RSI line has dropped below the halfway mark, settling around 40%, indicating a bearish short-term outlook for MKR prices.
The price has breached the 38.20% Fibonacci level at $1,680, suggesting further declines may occur beneath the 23.60% Fibonacci level. A breakdown from the falling wedge could see support tested at $1,054, while a bullish reversal could push prices back toward the $2,000 mark.
On-Chain Reveals Demand and Supply Volume Disparity
Ongoing pullbacks highlight a significant resistance ahead as MakerDAO struggles to rebound. The immediate supply zone spans from $1,602 to $1,772, containing 138.09K MKR tokens across 3.61K addresses. Conversely, immediate support is weaker, with only 1.16K addresses holding 2.75K MKR tokens.
The support zone ranges from $1,413 to $1,434, revealing a disparity between demand and supply that points to a potential downtrend. The money zone for MKR extends from $1,435 to $1,602, encompassing 120.18K MKR tokens held within 6.7K addresses. Current levels suggest a bearish continuation, with potential testing of the $1,400 psychological mark.