# Whale Trades Propel RNDR Price Rally 40%: What's Next for Render Token? By Sheena Jordan Canonical URL: https://www.tokenpost.com/news/business/11743 Published: 2024-05-09T03:19:26.000Z Updated: 2024-05-09T03:19:26.000Z Section: Business > Last week, Render Token (RNDR) soared by 40% as whale activity intensified, pushing its market cap close to $4 billion. On-chain data highlighted significant transactions, sparking speculation about future gains in th… Last week, Render Token (RNDR) soared by 40% as whale activity intensified, pushing its market cap close to $4 billion. On-chain data highlighted significant transactions, sparking speculation about future gains in the cryptocurrency sector. Whale Activity and Large Withdrawals Signal Robust Interest in Render Token According to [CoinGape](), LookonChain, an on-chain data service, observed that the recent Render (RNDR) price increase coincided with considerable whale activity and accumulation. Lookonchain's on-chain data shows that important transactions involving the cryptocurrency $RNDR have occurred recently. On April 30 and May 1, user 0x15CF withdrew a large amount of $RNDR, totaling 748,898 tokens worth $5.3 million, from the Binance exchange. This withdrawal generated a floating profit of $2.24 million for the user, who has a track record of successful trading with $RNDR. Similarly, user 0x1Cb7, who has previously made $480,000 on $RNDR trades, withdrew 364,586 tokens worth $3.68 million from exchanges in the last five days at an average purchase price of $9.19 per token. Additionally, users 0xCA9C and 0xE61A withdrew 181,922 tokens ($1.81 million) and 58,950 tokens ($586,000) from Binance on the last day, according to Etherscan [statistics](). According to Sentiments on-chain statistics, debates about artificial intelligence (AI) and big data in the cryptocurrency field have noticed a noticeable increase. Projects affiliated with these emerging industries are experiencing substantial growth, with the $RNDR token seeing an 11% spike in demand and being the current top trending asset. RNDR Nears Breakout Point: Technical Patterns Suggest Potential Surge or Correction Aside from the 40% gain over the recent week, the Render price experienced a significant rally in Q1 2024, reaching an all-time high in March. Amid the buzz around AI coins, the RNDR token increased by 285%, reaching an all-time high of $13.840. In the 1-day timeframe, the RNDR price has created a symmetrical triangle pattern, indicating that a breakout is imminent. The relative strength index (RSI) has risen, indicating increasing buying activity in the cryptocurrency market. A break above the resistance trendline would indicate ongoing positive momentum, with the price possibly attempting the $11.325 barrier level. Sustaining this level could allow RNDR to approach its upper resistance level of $13.840 this month. On the other hand, a bearish trend reversal might result in a lack of momentum, forcing RNDR to test its support level at $8.985. Photo: [Microsoft Bing]() [TokenPost]() | info@tokenpost.com ## Links in this article - [CoinGape](https://coingape.com/render-whales-triggered-the-40-rndr-price-rally-last-week-whats-next/?fbclid=IwZXh0bgNhZW0CMTAAAR1GBFH2KX4bcKzAXtSZzFttbReWgsbiiPeqoLzNuybrdxtFOd892IEBnKg_aem_ARI7GVwhjSdvUg890i-4YMB4dfIXrNv9WVB8d75tJMQldbFMarS-bsxiz4ob0BmvoBjDBo8s6ulEDkb33DWLMeQ-) - [statistics](https://etherscan.io/token/0x6de037ef9ad2725eb40118bb1702ebb27e4aeb24?a=0xe61a06453ab4e1aa6afa3883da89b764a1f57f0e) - [Microsoft Bing](https://www.bing.com/images/create/whale-trades-propel-rndr-price-rally-40253a-what27s-n/1-663b7607d73043d5a1e918c3880e784d?id=cdqesBvOQftvTKYT7PCvJw%3d%3d&view=detailv2&idpp=genimg&thId=OIG2.oVieDcHHR79XKo5pDLZ8&FORM=GCRIDP&mode=overlay) - [TokenPost](https://www.tokenpost.com)