Ren's narrative is as strong as ever
The technicals for Ren are overwhelmingly bullish. Currently sitting at the bottom of an ascending channel, the next leg up seems to be only a matter of time. TA only says so much of the story, how likely for trend continuation rests firmly on the fundamentals of the project.
Development activity isn't necessarily correlated to price, but is quite supportive of the likelihood of bullish continuation. For assets that have traction and momentum, seeing continuous development activity is a quite favorable indicator that the trend will continue.
Social following isn't necessarily a leading indicator, and can be a trailing indicator. I prefer to think of it as a support indicator. As social following increases the base of potential appreciation, in other words it establishes support. Combine social following with TA derived support indications is a great way to find reasonable price entries.
Notable in holder distribution is the inflow of small bag holders. The smart money, as they call it, was in early with large positions. The chart clearly shows the decrease in their holdings. The inflow of small bag holders has no doubt taken their place in force, and to a greater extent which is how we account for the price appreciation. Small holders have consumed all the liquidated assets from the early money holders, and then some.
As the fundamental narrative continues to only strengthen, keep an eye on the technicals to see if any disruption appears imminent. The overall narrative is definitely bullish, but there's always potential for short tern disruptions in trend direction. Long term bullishness is more or less ensured by the alliance member list, the inflow of value into the DeFi ecosystem as quantitatively shown by defipulse.com, the volume flowing through RenVM, and the total AUM. Defipulse.com is a great place to see the total AUM for RenVM, and is no doubt reflective of increasing adoption of the platform. What's most exciting is that the full extent of the Ren Alliance has yet to directly integrate, this "thing" is only just starting.