CAKE's MVRV Ratio Soars, Could Signal Selling Pressure From Long-Term Holders

CAKE's MVRV ratio has reached its highest level since June 2021, indicating that long-term holders may sell some of their tokens for a significant profit. PancakeSwap's price has been on an upward trend since October, surpassing the $1.3 resistance level in November, which had been in place since August. Technical analysis suggested that a move above $1.3 would signal the bulls gaining control, and this has happened with CAKE reaching $2.5, a level it previously traded at in May. The recent surge in price was accompanied by high volume buying and positive capital flow into the market. However, social media engagement seems to be less positive, and there has been selling pressure in the short term. It is advised that readers do their own research before making any investment decisions.