RENDER has fallen nearly 12% in the past 24 hours, with selling pressure intensifying significantly. This volatility is triggered by investor concerns that tokens related to Alameda and previously seized by the US may be entering the sale process, amplified by news of some assets being transferred to Coinbase Prime.

Trading volume and open interest contracted simultaneously.

As prices fell, trading activity cooled significantly. 24-hour trading volume declined by over 43%, indicating reduced short-term investor participation and a shift towards cautious market sentiment.

The derivatives market is also cooling down. Open interest fell 13.73% to approximately $88.49 million, indicating that some highly leveraged positions have exited the market, and funds are more inclined to reduce risk exposure first.

$1.75 becomes short-term support

Despite the significant drop, RENDER remains within its previously established upward channel. This structure has persisted for several months, and the price has rebounded from around $1.24 earlier this year, indicating that the medium-term pattern has not been completely broken.

However, resistance around $2.32 remains significant. The price previously encountered resistance and fell back near this level, indicating that the bulls' short-term control has weakened. Whether the price can hold around $1.75 will be a key focus for the market going forward.

The upper clearing area is more concentrated

The liquidation heatmap shows a significant concentration of short covering positions in the $2.20 to $2.36 range. If prices rebound rapidly and approach this area, short covering could amplify upward volatility.

In contrast, liquidation liquidity below $1.95 is relatively limited, indicating that there is no particularly concentrated risk of a chain of liquidations below the current price. In the short term, whether buying can find support around $1.75 will determine whether this pullback will continue to expand.