RedStone token continued rising on Saturday, continuing a trend that happened when it bottomed at $0.4195 earlier this month.
RedStone (RED) price rose to a high of $0.7545, its highest level since March 7. It has jumped by almost 80% from its lowest level this month, giving it a market cap of over $204 million.
RED token’s resurgence can be largely attributed to the launch of the DRILL program, a significant initiative designed to reward early adopters and core users. Through this program, approximately 4.5% of the total token supply will be distributed, creating an ecosystem built on the pillars of development, reinforcement, innovation, launch, and learning. Such strategic distribution aims not only to encourage loyalty but also to enhance the overall value of the RedStone network.
Within the DRILL program, the allocation is carefully structured: 15% of the distributed tokens will target developers within the ecosystem, ensuring that the project has strong support for ongoing innovation. A further 60% will focus on securing the network. This portion of the tokens will be directed to the Eigen staking vault, serving as an insurance payout in case of any malfunction within the documented price feeds—an essential feature in today’s volatile market environment. Additionally, 20% is earmarked for developers engaging with newer products such as Oracle Extractable Value or AI tools, while 5% will support new DeFi applications. The remaining allocation is intended for developers creating educational tools within the network, thereby fostering a comprehensive ecosystem.
Another catalyst for the RED token’s rise is its recent partnership with EIGEN, which aims to facilitate liquid staking of the token. This advancement allows RED stakers to convert their tokens into a liquid form known as mRED, enabling them to secure the RedStone AVS on EigenLayer while still maintaining liquidity in the network. This dual functionality underscores the utility-driven approach of RedStone, making it an attractive option for potential investors and users alike.
In just a few months, RedStone has made impressive strides within the oracle industry. According to DeFi Llama, it has now positioned itself as the fourth-largest player in the oracle space, trailing only behind established giants like Chainlink, Pyth, and Chronicle. With a total value secured of $4.9 billion, RedStone is increasingly recognized for its ability to secure networks such as Spark, Cygnus Restake, Resolv, and Euler, further enhancing its reputation within the blockchain community.
RedStone Price Analysis
An analysis of RED’s hourly chart reveals a dramatic recovery from its bottom at $0.4188, which occurred on March 11. Since that low, RED soared to a high of $0.7543, outperforming previous levels and indicating robust bullish momentum. Notably, the token surpassed the 50% Fibonacci Retracement level, which is positioned at $0.688, and broke through critical resistance at $0.6817, a significant swing high from March 12. This breakthrough forms part of a cup and handle pattern, often seen as a bullish indicator in technical analysis.
Furthermore, RED has also ascended beyond the critical 50-day moving average, a technical signal suggesting continued upward momentum. Analysts are closely watching to see if RED can maintain its current trajectory and target the next crucial resistance level at $0.8432, which lies approximately 20% above the current trading price. Such moves could solidify RED’s position as a leading player not just in the oracle market but within the greater DeFi ecosystem.
