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After rallying over 170% from June 2023 lows, there are signs that Maker (MKR) bulls are losing momentum, looking at price action and decisions by various whales acting via an intermediary. At spot rates, MKR is changing hands at near 2023 highs but is down 16% from October highs.  Maker (MKR) Is Selling Off: The Bull Run Is Over? MKR is dumping at an unexpectedly faster pace, reversing gains posted in early Q4 2023, a concern. According to The Data Nerd, Falcon X sent 5,690 MKR worth $8.52 million to multiple exchanges, mainly OKX and Binance, at an average price of $1,497.  Typically, whenever crypto whales begin sending tokens to centralized ramps, as currently is the case, it can be interpreted as bearish. That whales are moving their coins to exchanges could indicate that they are planning to liquidate and exit their position. Subsequently, this can dent sentiment, forcing the token to dump.   However, the timeliness of the transfer also matters. In some instances, tokens can be moved to exchanges and interpreted as bullish. This is because, depending on the situation, whales could move them to provide liquidity for other traders. Related Reading: Shiba Inu Team Member Clarifies SHIB Burn As Shibarium Grows This can be the case with Falcon X. The platform provides institutional investors access to liquidity and execution services. Notably, Falcon X has, in the past, been used by other crypto exchanges and liquidity providers to offer other services. Since it acts on behalf of institutions and whales, it cannot be ascertained which of its clients is selling MKR.  As of October 27, The Data Nerd statistics show that the platform holds 10,150 MKR worth $14.17 million at spot rates. Following the transfer, the tracker also shows that MKR is down 4%. The “End Game” Pumps MKR To New Highs, A Pull Back Incoming? Presently, MKR remains under pressure. As mentioned earlier, the token, though in an uptrend, rallying 170% in four months, is down 15% from October’s peaks. At the same time, there is a double top, a technical formation that may signal a local top. This pattern will only be invalidated if there is a sharp expansion above $1,650. Conversely, losses below $1,350 at the back of high participation levels could catalyze the sell-off. In May 2023, MakerDAO, the issuer of MKR–the governance token of the underlying borrowing and lending protocol, announced the launch of the “End Game.” Herein, the protocol plans to deploy on its independent blockchain, introduce new features, and launch two tokens.  Related Reading: Bitcoin Braces For $50 Billion Influx Following ETF Launch, Bitwise CEO Says In addition, Maker has introduced a smart burn mechanism that involves purchasing MKR tokens from the open market and burning them without needing to close any collateralized debt positions (CDPs). Feature image from Canva, chart from TradingView