Last week, Render Token (RNDR) soared by 40% as whale activity intensified, pushing its market cap close to $4 billion. On-chain data highlighted significant transactions, sparking speculation about future gains in the cryptocurrency sector.

Whale Activity and Large Withdrawals Signal Robust Interest in Render Token

According to CoinGape, LookonChain, an on-chain data service, observed that the recent Render (RNDR) price increase coincided with considerable whale activity and accumulation. Lookonchain's on-chain data shows that important transactions involving the cryptocurrency $RNDR have occurred recently. On April 30 and May 1, user 0x15CF withdrew a large amount of $RNDR, totaling 748,898 tokens worth $5.3 million, from the Binance exchange.

This withdrawal generated a floating profit of $2.24 million for the user, who has a track record of successful trading with $RNDR. Similarly, user 0x1Cb7, who has previously made $480,000 on $RNDR trades, withdrew 364,586 tokens worth $3.68 million from exchanges in the last five days at an average purchase price of $9.19 per token. Additionally, users 0xCA9C and 0xE61A withdrew 181,922 tokens ($1.81 million) and 58,950 tokens ($586,000) from Binance on the last day, according to Etherscan statistics.

According to Sentiments on-chain statistics, debates about artificial intelligence (AI) and big data in the cryptocurrency field have noticed a noticeable increase. Projects affiliated with these emerging industries are experiencing substantial growth, with the $RNDR token seeing an 11% spike in demand and being the current top trending asset.

RNDR Nears Breakout Point: Technical Patterns Suggest Potential Surge or Correction

Aside from the 40% gain over the recent week, the Render price experienced a significant rally in Q1 2024, reaching an all-time high in March. Amid the buzz around AI coins, the RNDR token increased by 285%, reaching an all-time high of $13.840.

In the 1-day timeframe, the RNDR price has created a symmetrical triangle pattern, indicating that a breakout is imminent. The relative strength index (RSI) has risen, indicating increasing buying activity in the cryptocurrency market.

A break above the resistance trendline would indicate ongoing positive momentum, with the price possibly attempting the $11.325 barrier level. Sustaining this level could allow RNDR to approach its upper resistance level of $13.840 this month.

On the other hand, a bearish trend reversal might result in a lack of momentum, forcing RNDR to test its support level at $8.985.

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