RedStone Token Surge

RedStone token continued rising on Saturday, maintaining an upward trend that began earlier this month when it bottomed at $0.4195.

The price of RedStone (RED) rose to a high of $0.7545, its highest level since March 7, and has jumped by almost 80% from this month’s lowest level, giving it a market cap of over $204 million.

DRILL Program Launch

The increase in the RED token price followed the announcement of the DRILL program, where approximately 4.5% of the total supply will be allocated to core users and early adopters.

This initiative aims to create value through key strategic pillars: develop, reinforce, innovate, launch, and learn.
– 15% of these tokens will be allocated to developers within the ecosystem.
– 60% will focus on network security, deployed into the Eigen staking vault as insurance against price feed malfunctions.
– 20% will support developers working with new products like Oracle Extractable Value or AI tools.
– 5% will fund new DeFi applications, while the remaining funds will assist developers in creating educational tools for the network.

Partnership with EIGEN

Additionally, the RED token price rose after a partnership with EIGEN to facilitate liquid staking.
RED stakers can convert their tokens into mRED, enabling them to secure the RedStone AVS on EigenLayer while retaining liquidity within the network.

Market Position

In recent months, RedStone has rapidly climbed the ranks in the oracle industry, becoming the fourth-largest player after Chainlink, Pyth, and Chronicle, securing a total value of $4.9 billion. It secures networks like Spark, Cygnus Restake, Resolv, and Euler.

RedStone Price Analysis

The hourly chart indicates that the RED token bottomed at $0.4188 on March 11, rebounding to a high of $0.7543. It surpassed the 50% Fibonacci Retracement level at $0.688.

RED has crossed the crucial resistance level at $0.6817, identified as the highest swing on March 12 and representing the upper side of the cup and handle pattern, a popular continuation sign.

It has moved above the 50-day moving average, suggesting that the price may continue to rise as bulls target the next significant resistance point at $0.8432, roughly 20% above the current price.

Read more: Here’s why altcoins like XRP, LINK, BONK, and Jasmy are experiencing upward trends.