#VIRTUALWhale Sky Protocol (formerly Maker’s) Maker
Maker MKR token has defied market trends in the past week. The token gained over 44% in value, according to price data on Crypto.news. Derivatives data and on-chain analysis supports a bullish thesis for the DeFi token for next week.
Derivatives data from crypto intelligence platform Coinglass shows a large positive spike in Open Interest in MKR on February 21. The spike represents a massive increase in the total value of open contracts in MKR across derivatives exchanges.
Coinglass data shows that MKR OI is $116.85 million at the time of writing on Friday, February 21.
Maker MKR
MKR Futures Open Interest | Source: Coinglass
The total value of assets locked in MKR surged to $5.675 billion, as seen on DeFiLlama. This coincides with the rising price, relevance, and demand for tokens among traders. The rebranding to Sky protocol has proven effective for driving adoption in market participants.
Maker MKR
Maker TVL | Source: DeFiLlama
Santiment data shows several negative spikes in Network realized profit/loss metric in the MKR chart since mid-January 2025. This shows several traders and MKR holders are shedding their holdings and realizing losses.
Consistent realization of losses is typically considered a sign of capitulation and is consistent with an eventual recovery in the token’s price. MKR’s daily active addresses recorded a nearly three-month peak this week, signalling the rise in
