Whales Accumulate RNDR and Grow Holdings by Over 5%: On-Chain Data

Santiment, the blockchain intelligence platform, revealed in an X (formerly Twitter) post earlier today that Render (RNDR) has generated substantial profits for traders and investors this month. According to the post, $24.1 million worth of RNDR has been accumulated this month by large wallets, which are wallets holding between 100K – 10 million RNDR tokens.

📈 The team at @rendernetwork has been rendering some substantial profits for investors & traders here in October. There has been a major accumulation of $24.1M from wallets holding 100K-10M $RNDR, coinciding with a large movement of coins off exchanges. https://t.co/36GSUkLeN5 pic.twitter.com/A07EHFP6Oz

— Santiment (@santimentfeed) October 16, 2023

Looking at this accumulation trend by large holders in more detail shows that these addresses have added 5.02% more tokens to their bags in just the past 2 days alone. Meanwhile, Santiment data revealed that the altcoin’s price has risen more than 39% since September 1, 2023.

Another bullish statistic is the supply of RNDR currently housed on exchange platforms. According to the latest post by Santiment, RNDR supply on exchanges has dropped to its lowest level in 2023.

The altcoin’s price did slip, however, over the past 24 hours according to CoinMarketCap. At press time, the cryptocurrency market tracking website indicated that RNDR suffered a 24-hour loss of 1.38%. As a result, the cryptocurrency was changing hands at $1.87. Despite the negative daily performance, RNDR’s price was still up 8.38% over the past 7 days.

Daily chart for RNDR/USDT (Source: TradingView)

A positive trend line had formed on RNDR’s daily chart over the past 3 weeks. During this time, the altcoin’s price printed a series of higher lows. Should this bullish momentum continue in the next few days, then RNDR could attempt a challenge at the next resistance level at $2.40.

This bullish thesis may be invalidated if RNDR drops below the $1.73 mark in the coming 48 hours. In this scenario, RNDR will have also fallen below the positive trend line that was present on its daily chart. Consequently, the altcoin may be at risk of testing the subsequent support level at $1.240 in the following few days.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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