EOS has surged by 26% over the past 24 hours, making it the top-performing crypto asset during that period.
The rally comes on the heels of the EOS Network’s announcement of its rebrand to Vaulta, a strategic shift aimed at positioning itself as a key player in Web3 banking.
EOS Network Becomes Vaulta—Price Soars 26% as Investors React
In a March 18 statement, EOS Network announced its rebrand to Vaulta and a pivot to focusing on Web3 banking.
According to the company, the official transition from EOS to Vaulta is set for late May 2025. On-chain EOS holders will gain access to a swap portal to exchange their tokens at a 1:1 ratio.
Vaulta will also retain EOS Network’s infrastructure, integrate with exSat, a Bitcoin digital banking solution, and collaborate with Ceffu, Spirit Blockchain, and Blockchain Insurance Inc. to offer enhanced financial services.
The hype around this rebrand has triggered a surge in demand for the network’s native token, EOS. Its value is up 26% over the past 24 hours and currently ranks as the market’s top gainer.
Investor enthusiasm is evident, with EOS’ daily trading volume soaring. This indicates that the price surge is backed by real market demand. At press time, this is $466 million, surging 631% in the past 24 hours.
When an asset’s price and trading volume climb like this, it indicates strong market activity driven by high buying pressure. This combination signals bullish momentum in the EOS spot markets, suggesting increased demand and potential for continued price appreciation.
EOS’ open interest (OI) has also spiked, signaling increased trader confidence and a surge in activity around the altcoin. As of this writing, the OI is at $113 million, up 33% over the past 24 hours.
Open interest (OI) refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled. When an asset’s OI climbs, it indicates increased trader participation and capital inflows. This signals stronger market conviction toward EOS and hints at the likelihood of a sustained rally.
EOS Faces Critical Test at $0.56
At press time, EOS trades at $0.60, having flipped the $0.56 resistance level into a support floor. If it holds strongly, it could propel the altcoin’s price toward $0.70, a price high it last reached in early February.
On the other hand, a negative shift in traders’ sentiment would invalidate this bullish projection. If selloffs spike as investors book profits, EOS could shed its new gains and fall to retest the $0.56 support.
Should it fail to hold, its price could plummet to its year-to-date low of $0.43.
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