SafePal (sfp) 
The native token of the Render Network, RNDR, has seen a significant uptrend in the past week, bouncing back from a local bottom of $7 to reach $10.02 at the time of writing, marking a 9% increase in the last 24 hours. The token briefly peaked at $10.14 around 06:00 UTC. With a market cap of $3.87 billion, RNDR is currently ranked as the 27th-largest cryptocurrency.
On March 17, Render hit an all-time high of $13.60 with a market cap exceeding $5 billion. Recent data from Santiment also indicates a 13% surge in daily trading volume, reaching $342 million. Additionally, the number of RNDR daily active addresses has seen a rise from 1,414 to 1,601 unique wallets in the past day.
Despite the price surge, the daily on-chain transaction volume in profit for RNDR has been steadily declining since May 2, dropping from 12.2 million to 2.92 million transactions per day. This suggests that the current rise in transaction volume is mainly due to holdings moving at a loss.
The RNDR Relative Strength Index (RSI) has seen a slight increase from 51 to 58 over the past 24 hours, indicating that Render is slightly overheated at the current price level but still within favorable conditions. An RSI below 50 could potentially result in lower price volatility for RNDR.
Amidst the overall bullish sentiment in the market, the RNDR daily active addresses divergence has surged to 625%, according to Santiment. This suggests a strong “buy signal” for the Render token, as the price surge is driven by small investors accumulating the asset rather than large holders.
