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Ethereum (ETH) network’s recent standout, Render (RNDR), drew attention with its performance in the last 24 hours. RNDR was among the fastest to recover in the declining market conditions. Interestingly, this price increase occurred after ETH climbed back to the $3,000 level. However, the overall market downturn once again caused the altcoin to drop.
Growing Interest in RNDR
LunarCrush data shows that Render’s social visibility, coinciding with the price increase, astonishingly rose by 116%.
This rise in social dominance could be interpreted as an increase in the project’s popularity among traders. According to the data, traders continue to show interest in RNDR due to its fundamentals.
People closely monitoring the market revealed that many market participants were optimistic about projects indicating DePIN.
Additionally, another notable indicator of interest in RNDR emerged. RNDR’s trading volume also pointed to this. According to Santiment, Render’s trading volume had risen to $556.65 million on April 14.
This increase represented a 37.72% rise compared to the value seen on April 13. However, at the time of writing, the volume had slightly decreased, raising questions about whether RNDR could find solid support to continue its rise.
Comments on RNDR Token
Despite RNDR’s potential, investors still have their doubts. This situation is also reflected in the on-chain analyzed Weighted Sentiment.
This metric, which compares the average positive or negative comments about a project, can be interpreted as a bullish outlook if the value is positive. On the other hand, a negative outlook could indicate a decline.
As of the time of writing, Render’s Weighted Sentiment was marked at -0.45. This position suggests that demand for RNDR might decrease soon. In such a case, the token price could continue to stay below $9.
However, the long-term outlook might not be as bad as expected. The number of RNDR investors also reflects this. On March 25, the total number of RNDR holders increased from 80,000 to 85,600, which was interpreted positively.
The increase in the number of investors could be interpreted as a rise in interest, and if this continues, RNDR’s price could move towards new highs. However, it is important to remember that this could be invalidated by potential corrections.
