The recent surge in Render Token (RNDR) prices has caught the attention of investors, with a significant 40% increase over the past week. Now trading at nearly $10, RNDR's market cap is nearing $4 billion.

According to LookonChain, a provider of on-chain data, whales - large investors - have been active in accumulating RNDR. Notable transactions include a withdrawal of 748,898 tokens, valued at $5.3 million, by user 0x15CF from Binance exchange. This action has yielded a profit of $2.24 million for the user, who has a history of successful RNDR trades. Similarly, user 0x1Cb7 withdrew 364,586 tokens valued at $3.68 million, with an average purchase price of $9.19 per token, resulting in a profit of $480,000 from previous RNDR trades.

Additional withdrawals by users 0xCA9C and 0xE61A further highlight the accumulation trend. Santiment's on-chain data also reveals a surge in discussions related to artificial intelligence (AI) and big data in the crypto space, boosting interest in projects like RNDR.

Looking ahead, RNDR's price action suggests potential for further gains. The cryptocurrency saw a notable rally in Q1 2024, reaching an all-time high of $13.840. Currently, it's forming a symmetrical triangle pattern on the 1D timeframe, indicating a possible breakout. The Relative Strength Index (RSI) has surged, signaling increased buying activity.

A breakout above the resistance trendline could indicate continued bullish momentum, with a target resistance level of $11.325. Maintaining this level might pave the way for RNDR to revisit its peak of $13.840 this month. Conversely, a bearish trend reversal could test support at $8.985.

In conclusion, whale activity and growing interest in AI projects have propelled RNDR's recent price rally. With the potential for a breakout and continued bullish momentum, investors are eyeing further gains in the coming days.