At the time of writing, the Render price was up nearly 5.6% today, indicating the increasing interest of the investors. Moreover, a few on-chain metrics made a notable shift in their trajectories, suggesting a possible rebound in RNDR price ahead.
While many cryptocurrencies have bounced back following the Bitcoin surge and were recovering, Render was still looking for a firm footing to bounce back higher. The Render price was hovering near the lows, possibly trying to stabilize after a decline.
The broader crypto market moved positively these days after a sharp fall in the 1st week of July. Bitcoin slumped below the $60K mark in the 1st week of July, triggering panic among altcoins.
RNDR is a distributed GPU rendering network on the Ethereum blockchain. It connects artists and studios needing GPU compute power with mining partners renting out their GPU capabilities. It ranked 34th in the crypto-verse, with a market capitalization of $2.47 Billion at the time of writing.
Whales are Accumulating at the Lows; Should You?
The recent sessions seemed to be stabilizing near the lows. The weekly price performance highlighted a moderate 4% jump in the RNDR price.
Though the price has not revealed any significant movement in the last week, whales’ activity has notably developed.
On-chain data from Santiment highlighted a significant jump in the holdings of top addresses. On a combined note, the top addresses held nearly 51.5% of the total supply a week ago. Their holding jumped to 53.03%, suggesting a growth of over 1.5% in the whale holdings.
The total supply is close to $532.219 Million RNDR tokens. More precisely, Whales have accumulated nearly 7.98 Million RNDR tokens worth over $50.29 Million in the last week. It suggests a possible turnaround in Render price in the forthcoming sessions.
Active Addresses on a 3-Month High!
Although there hasn’t been much development in the Render price in the previous week, the 24-hour and 7-day active addresses have been on an upward trajectory.
The active addresses refer to the unique users who have participated in the transaction for a particular period. It suggests the level of user activity in the cryptocurrency. An increased user activity generally points to an increased demand.
Looking at the Santiment data, it is obvious that the 24-hour active address count and the 7-day active address count have risen since the 2nd week of July. It indicated the rising participation of the users.
Weighted Sentiment Curve Reclaimed Bullish Territory
Another on-chain metrics study, i.e., sentiment data, highlighted that there has been a growth in the total positive sentiment in the recent sessions. On the other hand, the total negative sentiment kept on declining.
Due to this, the weighted sentiment curve has surpassed the zero line and has reclaimed bullish territory. The weighted sentiment curve reflects the overall bias of the investors and traders in the cryptocurrency. A positive bias could possibly trigger optimism on the charts, and the RNDR token price may show gains.
