The EOS token rallied for a second consecutive day, hitting its highest level since April 5 as investors reacted to the upcoming full rebrand to Vaulta. The surge also came alongside a sharp rise in volume processed by its decentralized exchange protocols.
EOS (EOS) rose to a high of $0.850, up 95% from its April lows, pushing its market cap to $1.3 billion. The rally occurred in a high-volume environment, with daily trading volume jumping by 67% to $428 million.
EOS jumped after the developers announced that the full rebrand to Vaulta will happen on May 14. The ticker symbol will also change from EOS to just A. The gains followed the announcement that EOS will fully rebrand to Vaulta on May 14, with its ticker symbol changing from EOS to A.
Vaulta aims to become a major player in blockchain-based banking. The platform will offer programmable contracts and settlement layers, enabling banks and fintech companies to launch scalable, cross-border financial services.
The team compares Vaulta’s ambition to that of Stripe, the payments giant that helps businesses accept online payments. However, Vaulta’s focus is on making it easier for traditional financial firms to tap into blockchain without needing deep technical expertise.
Vaulta also hopes to become a major player in the real-world asset tokenization industry. In this, it will provide companies in the wealth and asset management industries with the technology they need to tokenize assets into digital tokens.Â
The EOS token also jumped after third-party data showed that the volume handled in its DEX protocols rose in the last 7 days. They handled tokens worth $$86.7 million, bringing the 30-day volume to $158 million.Â
EOS price also rose as the weighted funding rate turned positive and reached its highest level since Tuesday. A positive rate means that long traders are paying short sellers. It happens when the price of a perpetual contract is above the current price.
EOS price technical analysis
The 8-hour chart shows that EOS continued to climb, reaching $0.85—its highest since April 4. The token has broken above the ascending trendline that connects the key swing lows since March 11.
It also sits above the 50-period moving average, while several momentum oscillators are trending higher. The price is now approaching a key resistance level at $0.8770, which was the April 3 peak.
A breakout above this resistance could open the door to more gains, with the next major target being the psychological level at $1.00, about 20% higher than current levels.
