- Large rendering transactions increased by 527%, indicating increased whale activity.
- Only 46% of RNDR holders are currently in profit, despite upward momentum.
Render (RENDER) is attracting a lot of attention as its large transactions have skyrocketed over 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 the triangle consolidation and further advance the bull rally.
Rising prices signal rendering optimism
The rendition has been in a steady uptrend in recent 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 possible breakout, but can price action be effective?
Source: Tradingview
Whale activity soars
According to data from IntoTheBlock, large Render transactions jumped 527% in the last 24 hours, signaling increased interest from large holders.
This may indicate a period of accumulation in which institutional investors or high net worth individuals make significant moves.
In most cases, whale interest sets the stage for strong price direction, and this recent rise fuels speculation that RNDR is ready to break out.
Source: In the block
More Render Traders Join the Action
As large transactions skyrocketed, Render’s number of active addresses also increased by 6%, indicating an increase in retailer participation.
Source: In the block
However, only 46% of Render holders are currently making profits at the current price.
This relatively low profitability ratio could indicate a degree of caution on the part of retail traders, as the recovery may not yet have reached sustainable levels for all investors.
Source: In the block
Will the upward surge in the RNDR continue?
The recent spike in whale activity and a slight increase in active addresses suggests a bullish bias.
Is your wallet green? Check the Rendering Profit Calculator
However, with less than half of holders making profits, the direction of the market remains uncertain.
If Render maintains its current bullish momentum, it could break free from the triangle consolidation, potentially leading to a sustained uptrend.
