The Redstone token continued to go up on Saturday, continuing a trend that occurred when it reached the bottom at $ 0.4195 earlier this month.
Redstone’s price (RED) has reached a summit of $ 0.7545, its highest level since March 7. It jumped almost 80% compared to its lowest level of this month, which gave it a market capitalization of more than $ 204 million.
Red with red token after the developers launched the Drilling programwhich will see around 4.5% of the total offer distributed to the main users and reward the first adopters. This program will create value thanks to key strategic pillars such as developing, strengthening, innovating, launching and learning.
15% of these tokens will go to the developers of the ecosystem, while 60% of the allowance will focus on securing the network. These funds will be deployed in the safe to mark Eigen and will serve as an insurance payment in the event of dysfunction of the supply of documented prices.
20% of the drilling allowance will go to developers using its new products such as Oracle extractable value or AI tools. 5% of funds will go to New Defi Applications, while the rest will go to developers creating educational tools in the network.
The red price also increased after the developers have teamed up with Eigen to facilitate liquid staggered if the token. The Red Stakers can convert their tokens to MRED, allowing them to secure Redstone AVS on Eigenwayer while retaining liquidity in the network.
Redstone has quickly put on the chess of oracles in recent months. According to Defi LamaIt has become the fourth largest player in the Oracle industry after Chainlink, Pyth and Chronic with a guaranteed total value of $ 4.9 billion. He secures networks like Spark, Cygnus Restake, Resolv and Euler.
Redstone price analysis
The hourly graph shows that the red token has the bottom at $ 0.4188 on March 11, then rebounded at a summit of $ 0.7543. It exceeded the level of Fibonacci retracement at 50% at $ 0.688.
RED crossed the large resistance level at $ 0.6817, its highest swing on March 12. It was the upper side of the cup and the handle motif, a sign of popular continuation.
It also exceeded the 50 -day mobile average. Consequently, it will continue to increase when the bulls target the following key resistance point to $ 0.8432, about 20% above the current level.
