DAO Maker Price Jumps Nearly 90% – What’s Going On With the DeFi Token?

DAO Maker (DAO) surged as much as 88% on March 21 to an intraday high of $0.0639, but the token has already pulled back to $0.0505, and two on-chain and technical signals suggest the move may be exhausted.

Whale wallets sold into the spike while money flow remained deeply negative throughout the rally, a combination that has historically preceded sharp reversals in low-liquidity tokens.

DAO Whale Selling Suggests Bearishness Ahead

Santiment data covering March 13 through March 21 shows wallets holding between 10,000,000 and 100,000,000 DAO coins (the whale cohort) held approximately 128.33 million tokens as of March 13, when the price was trading near $0.035.

Through mid-March, the whale balance declined gradually to roughly 123 million coins, then briefly spiked back near 128 million around March 17–18 as the price approached $0.048.

The most telling move came after March 18. As the DAO price collapsed briefly before its spike, whale holdings dropped to approximately 121 million DAO — a net reduction of roughly 7 million DAO from the March 13 peak.

That decline happened as the price was accelerating upward toward $0.0639. The divergence is clear: the cohort best positioned to profit from the rally chose to reduce exposure rather than add to it.

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DAO Whale Holding. Source: Santiment

As of March 21, whale holdings sit at approximately 121.04 million DAO, while the price has settled near $0.051. Distribution into a price spike — rather than accumulation — typically indicates that the move was absorbed by late buyers rather than driven by fresh conviction from large holders.

Capital Continues To Leave Despite DAO Price Rise

The Chaikin Money Flow (CMF) indicator is at -0.33, deep in negative territory. A descending blue trendline drawn across the CMF highs slopes downward from approximately -0.10 in late December 2025 to the current -0.33 level, confirming that money flow has been structurally deteriorating for months.

The indicator is forming a bearish divergence against the price, as CMF is forming lower highs while the price is forming higher highs. This means that the DAO price is yet to reflect the price difference.

DAO CMF. Source: TradingView

Importantly, CMF did not turn positive during the 88% spike.

A genuine demand-driven breakout would typically cause CMF to cross above zero. The fact that it remains at -0.33 through the largest single-day move DAO has seen in months suggests the volume driving the spike was not clean buying — it has characteristics more consistent with short covering or a liquidity sweep into thin order books.

DAO Price Faces a Wall

DAO price of $0.0505 sits between the 1.236 Fibonacci level at $0.0495 and the 1.5 level at $0.0541. The intraday high of $0.0639 briefly touched the 2.0 extension at $0.0628, marking an 88% rise before it was rejected.

The 1.786 Fibonacci extension at $0.0591 acted as intraday resistance and now serves as the key overhead level. A daily close above $0.0591 would confirm that buyers absorbed the spike and are pressing higher. Without that close, the most likely mean-reversion path points back toward the 0.786 level at $0.0417 — the prior range where DAO consolidated throughout January and early February.

Below $0.0417, the 0.618 level at $0.0388 is the next meaningful support, followed by the 0.382 level at $0.0346, which served as the floor during the February–March downtrend. The $0.0321 level at the 0.236 extension represents deeper support that aligns with the lows printed in February.

With whale wallets having reduced holdings by 7 million DAO into the spike, CMF anchored at -0.33, and price already pulling back from the intraday high to $0.0505, the burden of proof sits with buyers.

Holding above the 1.236 Fibonacci at $0.0495 is the minimum condition needed to prevent an immediate retracement. A close above $0.0591 remains the confirmation level for any genuine continuation.

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