EOS surged by over 20%, reaching an intraday high of $0.707, propelling its market cap past $1 billion on April 1st. This rally was driven by several factors, including the highly anticipated rebranding to Vaulta and a strong performance in the derivatives market. ➡️
The project is shifting its focus towards blockchain-powered banking solutions under its new identity as Vaulta. This rebrand will see the EOS token transition into Vaulta with a fresh ticker expected this month, retaining all of its core tech including integration with exSat, a Bitcoin banking solution.
Further fuel to the rally came from Vaulta’s staking yield, projected at around 17% backed by a reward pool of approximately 250 million tokens. This significantly outpaces major competitors like Ethereum (ETH) and Solana (SOL). The trading volume also surged with over $371.6 million traded within the last 24 hours.
Finally, analysts are noticing a surge in bullish sentiment as traders anticipate further price increases. The open interest for EOS futures has soared to an 11-month high of $144.14 million. The funding rate is also now positive, indicating increased short-term bets on the token’s upward trajectory.
Technical analysis further supports this optimistic outlook. A breakout from a descending wedge pattern and a bullish Supertrend indicator indicate a shift in sentiment, with EOS aiming for its next key resistance around $1.
The 50-day moving average crossed above the 200-day SMA on March 25th, forming a bullish golden cross. This combined with strong buying pressure indicates a potential continuation of the current rally.