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RedStone’s price has surged recently, continuing a trend that began when it bottomed out at $0.4195 earlier this month. The price increased to a high of $0.7545 on Saturday, representing an almost 80% gain, pushing its market cap above $204 million.
This price movement is linked to the launch of RedStone’s DRILL program, which has incentivized early adopters and core users. The program is designed to distribute approximately 4.5% of RedStone’s total supply. The initiative focuses on strategic pillars such as developing, reinforcing, innovating, launching, and learning. A significant portion of the DRILL allocation is dedicated to securing the network through staking in the Eigen vault, and another part is allocated to developers working on new products, including Oracle Extractable Value and AI tools.
In addition to the DRILL program, RedStone partnered with Eigen to facilitate liquid staking, allowing users to convert their RED tokens into mRED tokens. This provides liquidity while securing the RedStone AVS on EigenLayer, adding further utility to the RED token.
RedStone’s growth has also been notable in the decentralized oracle space, where it has secured $4.9 billion in value, making it the fourth-largest player after Chainlink, Pyth, and Chronicle. It currently secures networks like Spark, Cygnus Restake, Resolv, and Euler.
From a technical perspective, RedStone’s price recovery since March 11 has shown strong bullish signs. The token has surpassed critical resistance levels, including the 50% Fibonacci retracement level and a significant resistance point from March 12. Additionally, it has moved above the 50-day moving average, suggesting that the bullish momentum could continue, with the next target being around $0.8432.
The combination of strategic initiatives like the DRILL program, the partnership with Eigen, and RedStone’s increasing role in the oracle space could support further price growth in the near term. However, as always with cryptocurrencies, market volatility is a factor to consider, and prices could fluctuate.
