Social volume for both RNDR and FET has surged in recent days, indicating increased interest and engagement among investors.
However, sentiment around FET declined, indicating that negative comments on social media are outweighing positive ones, potentially creating challenges for further price growth.
As for RNDR, sentiment around the AI token remained relatively high at the time of writing, indicating continued optimism among investors.
However, network growth for both FET and RNDR slowed, demonstrating a decline in interest from new addresses.
This implied that the recent price increase could be mainly caused by existing holders accumulating more tokens.
Source: Santiment
The MVRV (Market Value to Realized Value) ratio for RNDR and FET remained high at the time of writing, indicating that despite accumulation, most addresses are still profitable.
A high MVRV ratio indicates that most investors are making profits, potentially leading to profit-taking and selling pressure.
Moreover, the price movement of both tokens showed similarities, with higher highs and higher lows over the past month, indicating a bullish trend.
This pattern indicates that, despite short-term fluctuations, there is an underlying positive sentiment driving the market for both RNDR and FET.
Source: Santiment
Traders are turning bearish
According to the latest data, RNDR is trading at $12.41, marking an increase of 9.12% in the last 24 hours. Conversely, the FET has experienced a slight decline of 1.38% over the same period, trading at $2.65.
Interestingly, short positions surrounding FET have grown to 52% in recent days, reflecting bearish sentiment among some investors.
Similarly, short positions around RNDR have also increased, reaching 51% over this period.
Source: Coinglass