The much-anticipated token migration from Render (RNDR) to the ticker “RENDER” has brought in an unexpected landmark for the project.
Several exchanges revealed days ago that they would support the migration scheduled for July 26. This on-chain analysis dives into the happenings behind the scenes and RNDR’s potential before the swap’s completion.
‘RNDR to RENDER’ Drives Active Addresses to All-Time High
According to on-chain data from Santiment, active addresses on the Render network hit an all-time high on July 17. Active addresses measure the estimated number of users directly participating in transactions on a blockchain.
When this metric increases, it means that interaction within the network is impressive. However, a decline in network activity implies otherwise.
Before this time, the highest the 24-hour active addresses had reached was in March 2024. At that time, RNDR’s price was $11.65.
Read More: 5 Best Render Token (RNDR) Wallets for 2024
Therefore, the rise in network activity might not necessarily be linked to a forthcoming price increase. Instead, the focus seems to be on the approaching token swap.
However, the surge did not end with those who had engaged with Render before. It also spread to the Network Growth.
Network Growth shows if new users of a blockchain are engaging in transactions. An increase in this metric means traction is great as new entrants are making their first transactions. However, if the number falls, it means there is a decrease in the influx of new participants.
Thus, the recent increase is proof that more market participants are adopting RNDR. If this continues, demand might also improve, which could translate to a price increase for the cryptocurrency.
Concerning the Render token swap, Rendoshi Research notes that the migration to Solana (SOL) is bullish, irrespective of the current price performance.
According to the handle’s post on X, the event is bullish because Render is a top decentralized application on the blockchain. It also added that cryptocurrencies related to Solana will outperform other sectors this cycle.
RNDR Price Prediction: Will Bulls Hold Back Selling Pressure?
RNDR followed a downtrend between June 12 and July 12, as its price fell from $9.49 to $5.67. However, the chart below reveals that bulls defended the support at $5.67 and are now looking to breach the upper resistance.
Using the Fibonacci Retracement tool, one can spot the resistance at $7.66. For RNDR to reach that price, buying pressure has to be intense.
Currently, the price trades at $6.48. A look at the On Balance Volume (OBV) shows if the crowd sentiment is buying more in terms of volume or selling.
As of this writing, the OBV trends downwards, indicating that the intent of market players is to sell. If this continues, RNDR may remain stuck within the $6.16 to $6.47 range.
Read More: Render Token (RNDR) Price Prediction 2024/2025/2030
However, if a divergence occurs where the OBV trends upwards while the price is down, it could indicate a buy signal. If this happens, the token could attempt to hit $7.66.
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Disclaimer
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