Render (RNDR) has been on an impressive upward trajectory, recently experiencing a significant 40.16% surge in just 24 hours, reaching a nine-month high of $11.85. This strong rally has also driven a massive spike in trading volume, which soared by an extraordinary 244.93%, pushing the market capitalization past the $5 billion threshold. Render’s impressive performance has outpaced even Bitcoin’s recent surge, which saw the cryptocurrency surpass the $100,000 mark. Despite the overall mixed performance of major cryptocurrencies, Render has become a standout in the market. But can it maintain this momentum and push past the $12 mark?

Factors Driving Render’s Surge

The recent price surge of Render has been fueled by several key factors, with one of the most notable being an influx of new investors. According to Coinglass data, Render’s Open Interest (OI), a measure of active positions in the market, has hit an all-time high of $173.08 million. This surge in OI suggests that more investors are taking positions in Render, with many holding onto their trades, signaling a strong market sentiment and a growing interest in the altcoin.

One of the more compelling signs of Render’s potential for continued growth is the surge in large holder activity. Since December 1st, the inflow of tokens from large holders (whales) has surged by 4627%, jumping from 26,020 to over 1.23 million tokens. This substantial increase indicates that whales are accumulating Render at a rapid pace, which is contributing to the overall spike in trading volume. The increased participation from these significant players further supports the case for continued upward momentum.

Rising Scarcity and Increased Demand

In addition to the increase in market interest, Render’s Stock-to-Flow (S2F) ratio has experienced a notable surge. The S2F ratio, which measures scarcity, has risen from 0 to 127.14k over the past week. A rising S2F ratio typically indicates that an asset has moved from an oversupply condition to one of scarcity, often driving up demand and price. As scarcity increases, the value of the asset tends to rise due to the higher demand, positioning Render for further gains in the near future.

Render’s Market-Value-to-Realized-Value (MVRV) ratio has also shown significant improvement. The MVRV Long/Short Difference has increased from 0.04% to 6.83% over the past week, reflecting the growing confidence of long-term holders. This sustained increase in the MVRV suggests that long-term investors are making healthy profits, further solidifying confidence in Render’s future growth.

Technical Outlook: Resistance at $12

From a technical analysis standpoint, Render is currently facing resistance around the $12.095 level. If it manages to break through this price point, it could continue its ascent with minimal resistance ahead. The momentum behind Render’s recent price movements, supported by the increase in both market activity and whale accumulation, suggests that the altcoin could surpass the $12 mark and potentially reach new all-time highs.

Conclusion

Render’s impressive 40% rally in the past day, fueled by increased whale accumulation, rising scarcity, and heightened investor interest, positions it for further growth. While it currently faces resistance around the $12 level, the technical and on-chain indicators suggest that the altcoin has the potential to break through this barrier and achieve new all-time highs. If the current bullish sentiment persists, Render could continue to attract both retail and institutional investors, propelling the price even higher in the coming days.