Render whale activity surges significantly by 527%, signaling a potential breakout ahead.
- Render large transactions have spiked by 527%, pointing to increased whale activity. Only 46% of RNDR holders are currently in profit, despite bullish momentum.
Render [RENDER] is drawing lots of attention as its large transactions skyrocketed massively in the past 24 hours.
Given the altcoin’s recent price action and support from several key on-chain metrics, the big question is whether the token is ready to break up the triangle consolidation and further advance the bullish rally.
Rising prices signal Render optimism
Render has been on a steady uptrend for the past few days, raising hopes of a breakout above its extended consolidation pattern.
Accompanying the upward price action, significant on-chain action showed excellent positive market sentiment.
Market participants are eagerly awaiting a potential breakout, but can the price action deliver?
Source: Tradingview
Whale activity soars
According to the IntoTheBlock data, Render’s large transactions jumped by a whopping 527% in the past 24 hours, signaling heightened interest from large holders.
This may point to an accumulation period as institutional investors or high-net-worth individuals make heavy moves.
In most cases, whale interest paves the way for a powerful price direction, and this recent surge fuels speculation that RNDR is ready for breakout.
Source: IntoTheBlock
More Render traders joining the action
While large transactions soared, the Render number of active addresses also grew 6%, indicating a rise in retail participation.
Source: IntoTheBlock
However, only 46% of Render holders are currently in profit at the existing price.
This relatively low profitability ratio might indicate a degree of caution among the retail traders, as the rally may not yet have reached sustainable levels for all investors.
Source: IntoTheBlock
Will RNDR’s bullish surge continue?
The recent spike in whale activity and a slight increase in active addresses hint at a bullish bias.
Is your portfolio green? Check the Render Profit Calculator
However, with less than half of the holders in profit, the market’s direction remains uncertain.
If Render maintains its current bullish momentum, it could break free from the triangle consolidation, potentially leading to a sustained upward trend.
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