Render's token RNDR has surged over 18% in the past 24 hours, returning to above $2.25 for the first time in nearly four months. Along with the price rebound, on-chain activity and derivatives trading have also picked up, making RNDR a focus of market attention once again.
On-chain activity rises to a near 12-week high
The latest on-chain data shows a significant acceleration in the growth of daily active addresses and wallets for Render Network, with overall network activity reaching a near 12-week high. The price has rebounded above $2.25, and on-chain participation is also increasing, indicating that this surge is not entirely driven by short-term sentiment.
Larger transactions have also begun to increase. As RNDR broke through previous resistance, the market noticed a larger influx of funds. For mid-cap tokens, such fund flows typically amplify expectations of a continued trend, especially when network usage data improves in tandem.
Futures trading volume and open interest increased rapidly.
The changes in the derivatives market were equally evident. Data shows that RNDR futures trading volume increased by 166.31% in 24 hours, reaching $368.57 million; open interest increased by 61.90%, rising to $124.61 million.
This indicates a significant increase in new market participants, rather than just rotation among existing positions. A simultaneous rise in both price and open interest is generally seen as a signal of continued new positions entering the market, reflecting a growing willingness among traders to participate in short-term trends.
However, the rapid accumulation of leveraged positions can also amplify volatility. If the subsequent upward movement slows down, or if there is concentrated profit-taking at key resistance levels, price volatility could increase significantly.
The market is focused on the $2.20 support level.
From a technical perspective, RNDR has broken through the downtrend line that had been suppressing prices for months, and its short-term structure has improved compared to the previous period. The market's primary focus now is whether it can hold above $2.20.
The main resistance level is concentrated in the $2.60 to $2.80 range, an area that previously suppressed prices during the rebound. If the price continues to break through this range with increased volume, discussions about higher targets could intensify.
If the price falls back below $2.20, the short-term momentum may slow, and the market may enter a consolidation phase. Currently, increased on-chain activity, increased capital inflows, and higher futures trading volumes are the main supports for this rebound.
