Render Network (RNDR), a prominent player in the AI sector, has been the subject of notable whale activity and bullish sentiment among analysts and investors.
What you'll learn 👉
Whale Activity and Potential Volatility
According to a tweet by Santiment, whale activity has been high in the AI sector, and Render Network is no exception. Earlier today, a known whale sent 4.89 million RNDR tokens, worth approximately $52.1 million, to an unknown wallet as prices corrected. This transfer of tokens has raised concerns about potential volatility in the near future.
Santiment advises those holding RNDR to keep a close eye on the market, as increased volatility may be on the horizon. Large transactions by whales can often lead to price fluctuations, as these influential players have the power to move markets with their substantial holdings.
Growth in Cumulative Rendered Frames
Blockchain Research firm House Of Chimera has highlighted the impressive growth in the number of cumulatively rendered frames on the Render Network over the last three months. The data shows an increase from 28.5 million to over 33 million rendered frames, demonstrating the increasing adoption and utilization of the platform.
This growth is expected to continue, as the Generative AI trend shows no signs of slowing down. As more users and organizations recognize the potential of AI and the benefits of decentralized rendering, Render Network is well-positioned to capitalize on this growing demand.
Bullish Sentiment and Price Targets
Analyst JAVON MARKS has expressed a bullish outlook on RNDR, noting that after a “light” response to the Hidden Bull Divergence, prices have set up just under the pattern’s target at approximately $13.5. This, according to MARKS, may indicate that prices are preparing for a move higher.
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Show more +With a $15.35 target in play, RNDR could be setting up for a 36% move to reach this level. Furthermore, MARKS suggests that prices may even push beyond this target, opening up the possibility of even higher levels in the future.
Another analyst, Ritesh, has also shared a bullish perspective on RNDR, pointing out a beautiful trendline breakout and the current retesting of its last key support/resistance level. Ritesh believes that new highs are coming and has added to his position during the recent dip.
Read more: Top Analyst Uses Unique Model to Predict Ripple’s XRP Could Reach $66: Here’s His Outlook
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