contributor
Posted:
- Render recovered by 29% in just 48 hours, after a steep 40% drop in the past week.
- The altcoin’s increase in trading volume and rising whale activity indicate bullish momentum for Render, with $8.13 emerging as a key target level.
Cause [RNDR] is among the biggest winners of the Solana ecosystem. The altcoin is up over 10% at the time of writing, trading at $7.43. According to CoinMarketCap data, Render’s trading volume and market capitalization have also increased significantly.
Notably, the coin’s trading volume skyrocketed by 43%, reaching $1.26 billion in just one day.
A volatile week leads to a strong comeback
Despite the recent rally, Render had a tough week. The price fell by almost 40% – the deepest drop since breaking out of a symmetrical triangle consolidation. This drop has shaken market confidence, but the altcoin has managed to make a remarkable recovery.
In the last 48 hours, it has recovered its losses and is up 29%. This rapid recovery solidifies RNDR’s position as one of the top performers in the Solana ecosystem.
Source: TradingView
Renderwalvis benefits from the dip
On-chain statistics also indicate a bullish outlook for the coin. According to data from IntoTheBlock, large transactions are up 10%, indicating rising whale activity on the altcoin.
In most cases, spikes in whale activity correlate with strong price action, further supporting the potential for Render to continue higher.
Source: IntoTheBlock
Liquidation heatmap is leaning towards the bulls
Moreover, the liquidity heatmap data shows a bullish bias. According to the heatmap, there is a huge amount of liquidity, with approximately 310,000 worth of Render to be liquidated at a price level of $8.13.
This pool could act as a magnet for price action and serve as an effective target for the bulls.
Source: Coinglass
What next for Render?
A combination of technical and on-chain metrics paints an encouraging picture for Render. While last week’s dip tested its resilience, the altcoin has rebounded strongly, regaining investor confidence in a short time.
Read Show it again [RNDR] Price prediction 2024–2025
The current price momentum, coupled with rising trading volume and whale activity, suggests that the coin could continue its upward trajectory in the short term.