- Santiment revealed in an X post that whales have grown their RNDR holdings by more than 5%.
- The blockchain intelligence platform also shared that RNDR’s price has risen over 39% since 1 September 2023.
- From a technical perspective, RNDR’s price may challenge the $2.40 resistance level if its bullish momentum continues.
Santiment, the blockchain intelligence platform, revealed in an X (formerly Twitter) post earlier today that Render (RNDR) has generated substantial profits for traders and investors this month. According to the post, $24.1 million worth of RNDR has been accumulated this month by large wallets, which are wallets holding between 100K – 10 million RNDR tokens.
Looking at this accumulation trend by large holders in more detail shows that these addresses have added 5.02% more tokens to their bags in just the past 2 days alone. Meanwhile, Santiment data revealed that the altcoin’s price has risen more than 39% since September 1, 2023.
Another bullish statistic is the supply of RNDR currently housed on exchange platforms. According to the latest post by Santiment, RNDR supply on exchanges has dropped to its lowest level in 2023.
The altcoin’s price did slip, however, over the past 24 hours according to CoinMarketCap. At press time, the cryptocurrency market tracking website indicated that RNDR suffered a 24-hour loss of 1.38%. As a result, the cryptocurrency was changing hands at $1.87. Despite the negative daily performance, RNDR’s price was still up 8.38% over the past 7 days.
A positive trend line had formed on RNDR’s daily chart over the past 3 weeks. During this time, the altcoin’s price printed a series of higher lows. Should this bullish momentum continue in the next few days, then RNDR could attempt a challenge at the next resistance level at $2.40.
This bullish thesis may be invalidated if RNDR drops below the $1.73 mark in the coming 48 hours. In this scenario, RNDR will have also fallen below the positive trend line that was present on its daily chart. Consequently, the altcoin may be at risk of testing the subsequent support level at $1.240 in the following few days.
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