Render [RENDER] has attracted considerable attention due to a significant surge in its high-value transactions within the last 24 hours.
Given the recent price movements of this cryptocurrency and the support reflected in various essential on-chain indicators, the primary question now pertains to whether the token is poised to breach the consolidation phase and propel the current bullish run further.
Escalating Prices Reflect Optimism for Render
Over the past few days, Render has been steadily climbing upwards, instilling hope for a potential breakthrough beyond its prolonged consolidation pattern.
Accompanying this upward trajectory in prices, notable on-chain activities have demonstrated a favorable market sentiment.
Market participants are eagerly anticipating a potential breakout, but the question lingers: can the price trends live up to these expectations?
Source: Tradingview
Surge in Whale Activity
Per data from IntoTheBlock, Render has witnessed a remarkable 527% surge in large transactions within the past day, indicating a heightened interest from significant holders.
This surge potentially suggests an accumulation phase as institutional investors or high-net-worth individuals maneuver substantially.
Typically, such burgeoning whale activity sets the stage for a pronounced price movement, stoking speculations that RNDR may be primed for a breakout.
Source: IntoTheBlock
Increasing Participation Among Render Traders
While large transactions have soared, the count of active addresses in the Render network has also expanded by 6%, signifying a surge in retail involvement.
Source: IntoTheBlock
Nonetheless, only 46% of Render holders are presently in profit at the current price levels.
This relatively modest profitability ratio could suggest a degree of caution among retail traders, indicating that the ongoing rally might not yet be sustainable for all investors.
Source: IntoTheBlock
Is RNDR’s Bullish Momentum Set to Persist?
The recent upsurge in whale activity and a marginal uptick in active addresses suggest a bullish inclination for Render.
Still, with less than half of the holders currently in profit, the market outlook remains unsettled.
If Render manages to sustain its current bullish drive, it might break free from the consolidation phase, potentially ushering in a prolonged upward trajectory.