- CAKE soared almost 60% in the past 24 hours in line with the broader surge in BNB Chain tokens.
- Binance co-founder Zhao unveiled bullish developments for the BNB Chain ecosystem.
- Former PancakeSwap advisor withdrew $1.21 million in CAKE a few hours ago.
CAKE, the token powering PancakeSwap, has surged 58.75% in the last 24 hours, reaching $3.05. This peak comes after reports of whale activity and renewed enthusiasm for BNB Chain tokens emerged, as crypto exchange Binance’s co-founder Changpeng Zhao (CZ) offered a bullish outlook for the blockchain in 2025.
PancakeSwap Advisor “BNB Whale” Makes Million-Dollar CAKE Move
Data from The Data Nerd on X indicates that @theveeman, identified as a former PancakeSwap advisor and BNB whale, withdrew 500,000 CAKE (worth around $1.21 million) and 3.88 million TST (approximately $698,000) from Binance a few hours ago.
The withdrawal suggests the whale is positive on the CAKE token, anticipating further price increases soon.
Related: This BNB Chain Tutorial Token Was a Mistake, Now It’s Huge
BNB Chain Optimism Boosts CAKE and Ecosystem Tokens
The CAKE price surge happens alongside an overall increase in prices of BNB Chain-based tokens. Zhao recently highlighted 100 million transactions on the BNB Chain per day projected for 2025.
CZ also mentioned sub-second block finality, gasless transactions, and smart wallets coming to the BNB Chain this year.
In the meantime, the CAKE token successfully reclaimed two major exponential moving averages in the past 24 hours – the 20-day EMA and the 200-day EMA.
Analyst “Satori” noted in an X post that CAKE is currently encountering resistance above $2.77 and cautioned that if it doesn’t retain prices above this level, lower prices could be possible.
CAKE Price Analysis: RSI in Overbought Zone, MACD Bullish
Looking at the CAKE daily price chart from TradingView below, the Relative Strength Index (RSI) is currently at 74.91, signaling that CAKE is in overbought territory.
A short-term pullback might occur, but strong momentum could keep the rally ongoing. However, the MACD shows a bullish crossover, confirming strong momentum with values at 0.162 (MACD line) versus 0.030 (Signal line). The MACD histogram has also turned bullish.
Analyst Outlook: $4.00-$4.50 Target Possible if Bullish Factors Hold
Significantly, if whale accumulation continues and BNB Chain sentiment stays positive, CAKE could potentially reach towards $4.00 – $4.50.
Related: Binance Goes Big on Stablecoins, Dumps Billions in Bitcoin & ETH
On the other hand, a rejection at $3.50 could lead to a pullback towards $2.50 – $2.20, creating a re-entry zone for bulls.
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