RENDER, with a market cap exceeding $1.2 billion, rapidly changes ranking... On-chain supply and demand indicators show 'concentration signals,' while RSI indicators provide technical warnings

Recently growing Render(RENDER) has caused a shift in market cap rankings beyond ATOM and FIL. As of Tuesday, the price is $2.24, down 5.38% over the past 24 hours, but maintains a +3.26% increase over the past 7 days. This suggests that the recent surge is undergoing some correction phase.

Market Cap Surpasses $1.2 Billion… Altcoin Rank Reshuffle

RENDER, as a decentralized GPU network, has recently achieved notable market performance. With a circulating market cap of $1.16B(114,003 holders), it has moved ahead of major existing altcoins in ranking. Whether this growth is truly driven by ‘real demand’ or just volatility is a key market point to watch.

On-Chain Indicators Signal ‘Increased Participation’

Beyond simple price increases, actual network activity metrics reveal signs of growing participation.

Daily Active Addresses(Daily Active Addresses) Surge: A significant increase in network activity compared to recent weeks indicates that actual usage demand is recovering.

Futures Open Interest(OI) Expansion: New positions are accumulating in the exchange futures market, suggesting the entry of leveraged participants.

Trading Volume Recovery: Daily trading volume($4.75M 24h) has been steadily increasing compared to last month, reflecting actual liquidity inflow.

Technical Analysis: ‘Signals’ from RSI Indicator vs. Target Price

RSI Indicator and Overbought Risk: Currently, RSI is in the overbought zone(above 80). From the RSI perspective, this indicates strong upward momentum but also a ‘critical point’ where a significant correction could occur. The recent -5.38% adjustment in the past 24 hours supports this.

Moving Averages Technical Indicators: The price has broken above the 50-day and 100-day EMA, with the 200-day EMA acting as a resistance level.

Support Levels During Correction: If a correction deepens at the current price, the vicinity of the 100-day EMA is likely to serve as a key support.

Conclusion: Increased Participation but Short-Term Volatility Warned by RSI

RENDER’s rise is supported by actual on-chain participant growth rather than mere speculation. However, considering the overbought RSI and recent correction signals, it is prudent to prepare for increased short-term price volatility.