The top AI coin, Render (RNDR), has seen a 4% drop in price following a major investor's sale of $3 million worth of tokens. However, optimism persists regarding future gains, particularly in light of upcoming events in the technology sector.

The price of Render (RNDR) declined by more than 4% today as a significant investor, known as a "whale," sold off a substantial portion of their holdings. Despite this profit-taking move, which came after notable gains for RNDR in recent weeks, some market analysts remain positive about the token's future prospects. Let's take a closer look at the recent transactions and explore how these events may potentially trigger a price rally for the cryptocurrency.

Whale Offloads $3M RNDR, Market Reacts

A major RNDR holder has reduced their position substantially, leading to a decline in the token's price. According to The Data Nerd, within a 24-hour period, the Render whale identified as 0x1Cb deposited 265,000 RNDR, valued at approximately $2.78 million, to the prominent cryptocurrency exchange, Binance.

Notably, the report indicates that this whale had initially purchased 365,000 RNDR at an average price of $9.20 and still retains 100,000 RNDR, worth around $1.1 million.

Meanwhile, over the past week, other large holders of RNDR have also capitalized on the cryptocurrency's price rebound. Last week, a report from Spot On Chain revealed that six whales collectively deposited 7.16 million RNDR tokens, valued at around $77.9 million, onto exchanges like Coinbase and Binance. This move allowed them to secure approximately $61 million in profits. The profit-taking strategy employed by these investors highlights their response to recent price surges.

Potential for Bullish Momentum Ahead

Looking ahead, many investors are keeping a close eye on NVIDIA's earnings report, scheduled for Wednesday, May 22. Analysts expect strong results due to growing demand for AI chips and technology services. Positive developments in the technology sector, particularly in artificial intelligence (AI), often trigger rallies in AI-related cryptocurrencies, which could potentially boost RNDR's price.

As a prominent player in the AI coin space, Render stands to benefit from any positive market sentiment generated by NVIDIA's performance. This potential for a rally has some investors maintaining a bullish outlook on RNDR, despite the recent profit-taking activities by large holders.

At the time of writing, the Render price has slipped 4.24%, trading at $10.04, with its trading volume soaring 46% to $334.69 million. Over the last 24 hours, the cryptocurrency has touched a high of $10.63 and a low of $9.65.