AI crypto project Render (RNDR) recently attained a remarkable milestone in user activity.
Renowned analyst Ali Charts revealed that the platform saw the highest number of 24-hour active addresses since Render’s launch.
#Render recently saw the highest surge in daily active addresses since launch! This spike could be linked to the upcoming swap of all $RNDR tokens to #RENDER! pic.twitter.com/KOG0K08J06
— Ali (@ali_charts) July 16, 2024
He added that the upcoming migration of all RNDR coins to RENDER is behind the surged activity, indicating amplified engagement and interest among Render investors.
Render’s token migration
The platform plans to move all RNDR assets from the Ethereum network to Solana, rebranding the coin to RENDER.
Render launched as an ETH project in 2017, but a community vote in 2023 suggested a migration to the Solana blockchain.
The new Solana Program Library (SPL) coin RENDER went live in November 2023.
Market experts believe RENDER will tap Solana’s growth and predicted success to outshine the altcoin market.
The $RNDR to $RENDER migration unfortunately confused a few people.
Make no mistake though. The migration to Solana is BULLISH‼️ 🐂🐂🐂
This cycle is the Solana cycle. $SOL and Solana coins will outperform, and $RENDER is the top dApp on Solana. pic.twitter.com/zdmThwp24Z
— Rendoshi Research ⭕️ (@Rendoshi1) July 17, 2024
Render is the top decentralized application (dApp) on the Solana blockchain.
Solana attracted Render enthusiasts due to cheaper fees and transaction speed.
The SOL network has gained popularity recently, even threatening to dethrone Ethereum.
Meanwhile, increased user activity triggered bullish price movements for RNDR over the past day, and technical indicators suggest continued upswings.
RNDR signals recovery
The altcoin maintained a bullish stance over the past day, rising from $6.4521 to a 24-hour high of $7.0418 before retracing to trade above $6.65 at press time.
RNDR 1D Chart on Coinmarketcap
Meanwhile, the broad market flashed revival signs as Bitcoin climbed past the $65K mark.
The altcoin market reflects renewed optimism with notable price surges.
Moreover, the altcoin market has printed a bottom formation, highlighting an impending robust rally.
Crypto analyst Negentropic predicts an acceleration phase that will see the market doubling or tripling in the coming sessions.
Altcoins are ready to fly! 🚀
We have had a period of CONSOLODATION after the Break-Up of the Rounding Bottom formation.
The next phase is ACCELERATION!
This is where the Altcoin Season sends #Crypto flying. The market will double and triple a matter of few weeks to months.… pic.twitter.com/kdKW9AiRIV
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) January 16, 2024
That bodes well with Render’s current outlook as buyers triggered a massive reversal from the support at $5.6, which overlaps with a crucial retracement region.
The support level, coinciding with the 23.6% FIB retracement, remains vital as it prevented further declines during early July bearishness.
That makes it a lucrative region for the next upsurge.
Further, RNDR’s entire correction happened within two declining trendlines, forming a flag setup.
That positions the altcoin for an impressive long-term surge. Sustained buyer activity ahead of the coming token swap supports prolonged rallies for Render.
Bulls can trigger a 30% surge before hitting the flag pattern’s crucial resistance level. Such a price uptick will see RNDR regaining the 20-, 50-, 100-, and 200-daily Exponential Moving Averages.
That will trigger robust bullishness and sustained recoveries. Nonetheless, a breakout from the flag pattern remains essential for stable upsurges.
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