The EOS crypto token experienced a significant price surge, climbing as much as 23% in a single day, driven by anticipation for its upcoming transformation into Vaulta and favorable technical chart patterns.
EOS saw its value rise for the third consecutive session, reaching a daily peak of $0.707 on April 1. This rally pushed its market capitalization above the $1 billion threshold at the time of writing. Notably, trading activity intensified, with volume jumping 87% to $371.6 million as interest in the altcoin grew.
Three primary catalysts appear to be fueling these recent gains for the EOS blockchain.
Firstly, considerable excitement surrounds the planned rebranding of EOS to Vaulta, scheduled for completion by May 2025. This strategic shift involves refocusing the project on delivering blockchain-based banking solutions.
Under the rebrand, the existing EOS token will transition to the new Vaulta token, with a new ticker symbol expected later this month. Importantly, the underlying technology, including its integration with exSat for Bitcoin banking services, will be retained.
Secondly, the forthcoming Vaulta token promises an attractive staking yield estimated at around 17%. This potential return, supported by a substantial reward pool of approximately 250 million tokens, positions it significantly above the yields offered by major cryptocurrencies like Ethereum (ETH) at 2.03% and Solana (SOL) at 5.14%.
Lastly, activity in the derivatives market signals growing bullish sentiment among traders. Data indicates that open interest in EOS futures increased by over 30%, reaching an 11-month peak of $144.14 million. Furthermore, the funding rate turning positive suggests a strengthening belief in near-term price appreciation.
Market analysts are observing these developments closely, suggesting the rally might have further potential.
Analyst CW highlighted that EOS successfully overcame a significant resistance level at $0.65. The next critical target is now the $1 mark, a psychologically important level not seen since mid-December of the previous year.
This $1 price target was echoed by fellow analyst World of Charts, who noted that the existing momentum could sustain the upward trend.
EOS Technical Outlook
From a technical analysis perspective, the indicators align favorably for continued positive movement.
On the daily USDT chart, the EOS price recently broke out from a descending wedge pattern that had capped its price for several months. Such patterns are often interpreted as bullish reversal signals following extended downtrends.
This breakout occurred near the $0.45–$0.50 support zone. With EOS currently trading above $0.67, the path towards the next major resistance around $1 appears clearer.
The Supertrend indicator has shifted to a bullish stance, indicated by its position below the price and a green signal, suggesting a potential trend reversal favouring buyers.
Additionally, the Aroon indicator shows the Aroon Up line at 100% and the Aroon Down line at 0%, confirming that strong buying pressure currently dominates the market.
Analyzing the 4-hour chart reveals a “golden cross” formation that occurred on March 25, where the 50-day simple moving average (SMA) moved above the 200-day SMA. This bullish technical event remains valid and could support a longer-term move higher, reinforcing $1 as a plausible target.
Disclosure: This content is for informational purposes only and should not be considered investment advice.