- Whale trading increased significantly, suggesting potential interest from institutional investors.
- Positive sentiment towards Render indicates growing optimism, which may translate into increased demand.
give [RNDR]the native token for the decentralized GPU rendering system, has seen a significant increase in whale activity, with whale transactions of over $1 million spiking on July 14th, according to Santiment.
The increase in such transactions means that institutional investors interest It is also important to watch the price reaction to developments, as large investor whales tend to influence price direction.
If whales exert more buying pressure, prices would likely soar, but if these investors sell off some of their holdings, prices would fall.
Crypto Big Names Buy More RNDR
In the case of Render, as trading within value increases, so does the price. The chart below provides evidence of this assertion: If we look back to March and May, for example, we can see a similar phenomenon occurring.
Therefore, it may not be a stretch to assert that RNDR price may transition from bearish to bullish. At the time of writing, RNDR is trading at $6.20.
Source: Santiment
That’s a drop of 8.85% over the past 24 hours. However, there was another indicator that supported the bullish theory: Render’s network activity.
According to IntoTheBlock, activity on the network has increased incredibly over the past seven days. For example, active addresses, which measures the number of active users on the blockchain, Jumped off It increased by 100%.
New addresses tracking an influx of first-time participants increased by 86.09%. AMBCrypto also observed an increase in zero balance addresses.
If these indicators continue to rise, it could drive the price of RNDR higher, which could see RNDR rise to $7.05 in the short term.
Source: IntoTheBlock
Bullish sentiment targets higher prices
Additionally, AMBCrypto looked into sentiment around the token, and according to Santiment, weighted sentiment around Render has risen into positive territory.
Weighted sentiment indicates whether the broader market has a positive opinion of the project online – a negative number indicates a preponderance of pessimistic opinions.
If it is positive, it means that the market shares the optimistic opinion, which strong As for price: if sentiment remains positive, demand for the Render native token is likely to increase.
Meanwhile, Render’s 30-day market value to realized value (MVRV) ratio was -8.11%. The MVRV ratio uses market profitability to assess whether a token is undervalued or overvalued.
Source: Santiment
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In most cases, a negative number means that the cryptocurrency is undervalued, while a number close to 100% suggests that this is not the case.
Given the current market conditions, RNDR may be undervalued, and therefore a significant price appreciation may be in the cards.
