In the past 24 hours, Render [RNDR] experienced a significant increase, reaching the highest point of $11,853 in 9 months. During this period, the increase was 40.16%.
The trading volume of this altcoin has grown exponentially, increasing by 244.93% to $4.23 billion. Meanwhile, the market cap has surpassed the $5 billion mark.
During this period, despite BTC breaking the $100,000 mark, Render outperformed Bitcoin [BTC]. Among other AI tokens, Internet Computer Protocol [ICP] fell by 2.08%, Bittensor [TAO] dropped by 5.23%, and NEAR Protocol [NEAR] rose by 2.7%.
Other major tokens like Ripple [XRP] fell by 9.71%, Solana [SOL] dropped by 0.70%, while Ethereum [ETH] rose by 4.6%.
As Render experiences such a massive upward trend, the question remains: Can altcoins maintain their momentum?
Can Render maintain its upward momentum?
Render is currently experiencing bullish sentiment, with strong upward momentum.
According to Coinglass data, Render's open interest (OI) surged to a historic high of $173.08 million in the past 24 hours.
When OI rises, it indicates that more investors are opening new positions while existing investors are holding onto their trades.
Additionally, since December 1, the inflow of funds from large holders surged by 4627%, increasing from a low of 260,200 to a high of 1.23 million.
This surge indicates that whales are increasing their inflow of funds through accumulation. Hence, we can conclude that the increase in open interest is primarily driven by whales, who are significantly boosting trading volume by purchasing altcoins.
The stock-to-flow ratio of Render skyrocketed from 0 to 127.14k in the past week. This shift indicates that altcoins have transitioned from oversupply to scarcity. Therefore, due to increased interest, scarcity leads to a rise in value.
In general, an increase in scarcity leads to an increase in demand, which usually results in a rise in prices.
Finally, Render's MVRV long-short difference has continued to rise over the past week, increasing from 0.04% to 6.83% at the time of writing. This surge indicates a significant increase in profitability for long-term holders, although they remain confident about the prospects of altcoins.
In summary, Render is currently experiencing bullish sentiment, preparing for further increases in altcoins.
If the current situation remains unchanged, Render will encounter resistance around $12.095. Above this level, resistance is minimal, and the altcoin may set a new historical high.