RENDER price is up more than 10% in the last 24 hours, solidifying its position as the largest AI coin by market cap, ahead of competitors like FET and TAO. Despite this recent surge, on-chain data reveals mixed signals about its future trajectory.

Whale activity has hit its lowest level since December 2022, and the BBTrend indicator has turned negative, hinting at weakening momentum. With EMA lines presenting both bullish and bearish possibilities, RENDER faces a pivotal moment that could lead to either new highs or significant corrections.

RENDER Whales Hit Its Lowest Level Since 2022

Although RENDER price is up 56% in the last 30 days, with its market cap now close to $5 billion, the biggest among artificial intelligence coins, whale activity tells a different story. The number of addresses holding between 100,000 and 1,000,000 RENDER has dropped to 151, its lowest level since December 2022.

This decline indicates that large holders, or “whales,” are not accumulating during the recent price surge, which could signal a lack of confidence in sustained upward momentum. Without whale support, the rally may struggle to maintain its strength, leaving RENDER vulnerable to potential sell-offs.

Tracking whales is crucial because they often play a key role in driving market trends. Their buying activity can signal bullish sentiment, while their selling or lack of accumulation may foreshadow price corrections. The steady decrease in RENDER whale addresses over the past few weeks highlights a concerning trend.

This suggests that major investors may be reducing their positions, potentially capping price gains in the short term. If this pattern continues, Go to Source to See Full Article
Author: Tiago Amaral