RedStone price rises after the DRILL program launch

The price of Redstone reached $0.7545, the highest level since March 7. It has surged by almost 80% from its lowest level this month, increasing its market capitalization to over $204 million.

The surge in the RED token comes after developers launched the DRILL program, where about 4.5% of the total supply will be distributed to core users and early adopters will be rewarded. The program will drive value creation through key strategic pillars such as development, strengthening, innovation, launch, and training.

15% of these tokens will be given to ecosystem developers, while 60% of the distribution will focus on securing the network. These funds will be held in the eGain betting vault and will serve as insurance in the event of a documented failure in the price feeds.

20% of Drill’s distribution will be given to developers using its new products, such as Oracle Extractable Value or AI tools. 5% of the funds will go to new DeFi applications, and the remainder will be given to developers building educational tools on the network.

RED's price also increased after developers teamed up with EIGEN to facilitate liquid staking of the token. RED stakers can convert their tokens into mRED, allowing them to collateralize RedStone AVS on the EigenLayer, maintaining liquidity on the network.

Redstone has rapidly climbed up the oracle ladder over the past few months. According to DeFi Llama, it has become the fourth-largest player in the oracle industry after Chainlink, Pyth, and Chronicle with a total supported value of $4.9 billion. It powers networks such as Spark, Cygnus Restek, Resolve, and Euler.

The hourly chart shows that the RED token hit a low of $0.4188 on March 11 and then jumped to a high of $0.7543. It rose above the 50% Fibonacci retracement level at $0.688.

RED crossed the key resistance level at $0.6817, its highest level on March 12. This was the upper part of the cup and handle pattern, a popular continuation symbol.

It also moved above the 50-day moving average. Therefore, it is likely to continue rising as the bulls are targeting the next major resistance point at $0.8432, which is about 20% higher than the current level.