Elite Analyst Predicts CAKE Price Pump Is Not Over Yet as PancakeSwap On-Chain Metrics Continue to Shine
The CAKE price is again among top crypto gainers today with another 12% pump. PancakeSwap’s native token is now trading above $2.65 and is trying to break that $2.70-2.72 resistance where price got rejected earlier this week.
One of the crypto veterans with a huge following of over 440k on X, ‘CryptoJack’, posted a viral CAKE chart yesterday and predicted the rally is not over yet as he set the next target to $4.48. This target represents nearly a 70% increase from current price levels, showing significant upside potential if his analysis proves correct.
What you'll learn 👉
CAKE Chart: Analysis Points to Strong Breakout
The chart shared by CryptoJack shows a long-term descending trendline that has now been clearly broken to the upside. This type of breakout often signals a bullish reversal, especially after a prolonged downtrend period for CAKE.
The size and shape of the recent green candles suggest strong bullish momentum behind the breakout. The recent large green candle that closed above the trendline indicates follow-through buying pressure is supporting the move.
The current breakout zone around $2.50-$2.60 appears to have transformed from a previous resistance level into a new support area. With the CAKE price currently trading at $2.662, there’s considerable room for growth before hitting the projected target of $4.48, which seems to be derived from a previous price rejection zone.
If this breakout continues and isn’t a fakeout, we might see a short-term retest of the trendline before further upward movement. Momentum traders and breakout traders might be eyeing entry points around current levels, targeting the $4.48 area which represents approximately 68% upside from the breakout zone.
In his tweet, CryptoJack noted that CAKE has broken a long-term downtrend and is displaying bullish momentum. He suggested that if this breakout holds, the price could reach as high as $4.48, and invited his followers to share their own price predictions.
Read also: Here’s Why SUI Price Might Pump Next Week, But These Cheap Altcoins Could Outshine It in April
PancakeSwap On-Chain Metrics Explode
The current rally appears to be driven primarily by huge trading volumes on the BNB Smart Chain (BSC) network, where PancakeSwap remains the dominant decentralized exchange. While other networks are experiencing relatively low volumes, BSC is telling a completely different story right now.
According to DefiLlama data, PancakeSwap has over $2.5 billion in trading volume in just the last 24 hours. This dwarfs other networks, with BASE coming in second at only $44 million and Ethereum with just $13 million during the same period.
This huge difference in trading volume shows how dominant PancakeSwap remains in DeFi. The high activity likely explains why the CAKE token price is performing so well. These strong on-chain numbers show many users are actively using the platform, which supports the positive outlook for the CAKE price.
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