- Render Token has been one of the best-performing cryptocurrencies this year.
- The token is trading at a key resistance point on the daily chart.
- It could stage a staggering rally if bulls push it higher.
Render Network price has defied gravity in the past few days as investors react to the network growth and the recent transition to Solana’s blockchain. RNDR token jumped to a high of $2.17, the highest point since April 2022. This happened in a day when Bitcoin and other popular cryptocurrencies like OAX, POND, and SSV Network pulled back.
Why is RNDR token is soaring
Render Network is a blockchain company that is working to solve a major challenge in the industry. The platform aims to provide Decentralized Processing Unit (GPU) on the blockchain. Its goal is to ensure that anyone with a free GPU can share it in the network and earn some cash in return.
Further, people who share their free GPUs are able to receive rendering jobs using the OctaneRender network. They also become node operators and are able to earn RNDR tokens. This is a similar idea like that of Filecoin and Theta, which are in the file storage and video streaming industries, respectively.
Render token has been in a strong bullish trend in the past few days for several reasons. First, the network is about to get a bit cheaper and faster to operate by moving to the Solana ecosystem. Solana is known for being able to handle over 2,500 transactions per second (tps). It is also more cheaper than Ethereum’s network.
The other reason why the RNDR token is soaring is the recent improvements of the network. This week, the developers incorporated stable diffusion to the network. For starters, this is a technology that provides a latent text-to-image diffusion model that generates photo-realistic images given any text input. This technology will make it easier for members of the ecosystem to create great images.
Finally, a community vote approved RNP-003, a proposal that makes it clear about the future of grants making in the ecosystem. The proposal called for allocating 50% of emissions in Year 1 be allocated to the foundation to fund development.
Render Token price prediction
The daily chart shows that the RNDR token has been in a strong bullish trend in the past few days. It has managed to move below $1 earlier this year to $2.15. Along the way, the token has reached an important resistance point at $2.15, the highest point on February 15. It has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the overbought level.
Therefore, the token will likely continue rising as buyers target the key resistance point at $2.5, which is about 18% above the current level. A move below the support at $1.80 will invalidate the bullish view.
