$CAKE Price Eyes $2.40 as Demand Shifts Amid Ongoing Selling Pressure

The $CAKE price has been influenced by sellers for months, but recent supply distribution data suggests that the balance may be shifting. A closer look at address cohorts reveals that while some large holders are still selling, others have begun to show rising demand. The 100,000-1 million $CAKE group spiked in early August after testing a key technical area in June.

The selling pressure is not subtle, with addresses holding 1-100,000 $CAKE continuing to dump tokens. However, the 1 million-100 million $CAKE cohort has also been showing distribution. The 100,000-1 million $CAKE group's early-August spike suggests that demand may be increasing.

The $CAKE price has found support around $1.20, a level that has mattered since June. In August, the token is closing in on its 200-day Exponential Moving Average (EMA). If it manages to flip and hold above this key hurdle, the next major level highlighted by the setup would be $2.40.