Render hits 9-month high with 40% surge

Render (CRYPTO:RENDER) has experienced a significant 40.16% surge in the last 24 hours, reaching a nine-month high of $11.853.

This dramatic price increase comes alongside a massive rise in trading volume, which jumped by 244.93%, bringing it to $4.23 billion.

The market cap of Render has also surpassed $5 billion.

Render's performance outpaced Bitcoin’s (CRYPTO:BTC) rally, as BTC surpassed the $100,000 mark.

During the same period, other altcoins like Internet Computer Protocol (CRYPTO:ICP) and Bittensor (CRYPTO:TAO) saw declines, with Ripple (CRYPTO:XRP) and Solana (CRYPTO:SOL) also falling.

Ethereum (CRYPTO:ETH) saw a more modest increase of 4.6%.

Render’s surge has raised the question of whether it can sustain this momentum.

Positive market sentiment and increasing investor interest suggest the altcoin may continue its upward trajectory.

According to Coinglass data, Render’s Open Interest (OI) reached an all-time high of $173.08 million in the last 24 hours, signaling more investor activity and increased positions.

At the time of reporting, the RENDER price was $10.38.

Large holders have also shown strong interest, with inflows surging by 4627% since December 1.

This is seen as an indication that whales are actively accumulating Render, boosting trading volumes.

Render’s Stock-to-Flow ratio has risen sharply from 0 to 127.14k in the past week, signaling a shift from oversupply to scarcity.

Scarcity often leads to higher demand and, consequently, higher prices.

Additionally, Render's MVRV Long/Short Difference has increased from 0.04% to 6.83%, indicating that long-term holders are seeing increased profit margins, further boosting confidence in the altcoin.

At the time of reporting, the Render price was $10.38.