- Render prices rose 40.16% over the past day to hit a nine-month high.
- Market indicators suggested that altcoins could reach new ATHs.
Over the past 24 hours, Render (RNDR) experienced a massive rally hitting a 9-month high of $11.853. It increased by 40.16% during this period.
The altcoin saw an exponential surge in trading activity, with trading volume increasing 244.93% to $4.23 billion. At the same time, the market capitalization exceeded $5 billion.
During this period, Render outperformed Bitcoin (BTC) despite BTC surpassing the $100,000 target. Among AI coins, Internet Computer Protocol (ICP) fell 2.08%, BitTensor (TAO) fell 5.23%, and Near Protocol (NEAR) rose 2.7%.
Other major coins such as Ripple (XRP) fell 9.71%, Solana (SOL) fell 0.70%, and Ethereum (ETH) rose 4.6%.
As Render experiences such a massive upward trend, questions remain as to whether the altcoin can maintain its momentum.
Can Render sustain the rally?
According to AMBCrypto’s analysis, Render is currently experiencing bullish sentiment with strong upward momentum.
AMBCrypto has identified this positive market sentiment and strength through the new number of investors entering the market. According to Coinglass data, Render’s open interest (OI) soared to an all-time high of $173.08 million over the past 24 hours.
A rising OI means that more investors are opening new positions while existing investors are holding on to trades.
Source: IntoTheBlock
Additionally, inflows of large holders have surged 4627% since December 1, rising from a low of 26.02 million to a high of 1.23 million.
This surge suggests that whales are increasing inflows through accumulation. Therefore, we can conclude that the increasing open positions are mainly driven by whales, which are currently purchasing altcoins, significantly increasing their trading volume.
Source: Santiment
Render’s stock-to-flow ratio jumped from 0 to 127.14k last week. This change indicates that the altcoin has moved from oversupply to undersupply. As a result, scarcity leads to higher value due to increased interest.
Typically, increased scarcity increases demand, which often leads to higher prices.
Source: Santiment
Lastly, Render’s MVRV Long/Short difference has continued its upward trend over the past week, increasing from 0.04% to 6.83% at press time. This surge means profit margins for long-term holders have increased significantly, even as they remain confident about the altcoin’s prospects.
Read Render (RNDR) Price Forecast for 2024-2025
In conclusion, Render is currently experiencing bullish sentiment and is positioning the altcoin for further gains.
If current conditions hold, Render will find resistance near $12.095. Above this level, resistance will be minimal and the altcoin could hit new all-time highs.