Render (RNDR) Maintains Triple-Digit Yearly Gains Amid SocialFi Hype
If you’ve been following the crypto market, you may have noticed that while other CryptoAI tokens have lost traction in the second half of 2023, Render (RNDR) has maintained its triple-digit yearly price gains. As we examine on-chain data, we’ll explore whether the ongoing SocialFi hype can push RNDR to new peaks in the coming weeks.
Render Network Adoption is Growing Amid SocialFi Hype
While stars like Stars Arena, Friend.Tech, and Post.Tech have stolen media headlines in the realm of SocialFi protocols, Render network has been quietly attracting significant traction behind the scenes. Recent on-chain data from Santiment reveals a noticeable spike in new users for RNDR. The Render network’s growth has consistently increased from 121 new addresses on September 5 to a 40-day peak of 230 on October 2.
Network Growth assesses the new user acquisition rate of a blockchain protocol by aggregating the daily number of fresh wallet addresses created. An increase in new users often indicates new demand for the native token, and as expected, this uptick in user acquisition has propelled RNDR price to a steady 25% bounce between September 5 and October 5.
The Increasing Adoption Rate Seems to Have Impacted Spot Market Demand
The growing adoption rate of products and services built on the Render network has started driving up market demand. Data from the Order Books of 10 crypto exchanges, including Binance, Coinbase, and Kraken, shows that purchase orders for RNDR have exceeded market supply. Bullish traders have queued up orders to purchase 7.5 million RNDR, considerably higher than the current 7.1 million RNDR sell orders.
The Exchange Order Books chart displays the current volume of active RNDR spot market orders across recognized crypto exchanges. The market supply for Render tokens has now exceeded demand by more than 400,000 tokens, indicating that as the SocialFi hype grows, RNDR is attracting fresh demand.
RNDR Price Prediction: Possible Upswing Above $2
Based on the current on-chain data trends, there is a possibility of an RNDR price upswing above the $2 area. The In/Out of Money Around Price (GIOM) data, which shows the entry price distribution of current Render network participants, also supports this bullish outlook. If the Render token price can surpass the initial resistance at $1.90, it could rally above $2.
However, if the Render token price falls below $1.20, the bears could invalidate this optimistic prediction. It’s worth noting that 1,430 addresses have bought 21.33 million RNDR tokens at the maximum price of $1.48, and if they hold onto their tokens, RNDR could avoid a bearish downswing. The future price movement will depend on the intensity of network growth and the continued SocialFi hype.
Hot Take: RNDR Holds Strong Amid SocialFi Hype
As other CryptoAI tokens lose traction, Render (RNDR) has maintained its triple-digit yearly gains. The growing adoption rate and increased user acquisition have driven up market demand for RNDR, as evidenced by purchase orders exceeding market supply. With the possibility of an upswing above $2, RNDR holders can anticipate more price gains in the coming weeks. However, a fall below $1.20 could invalidate this bullish outlook. The future of RNDR’s price movement will depend on network growth and the impact of the SocialFi hype.
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