- RedStone’s price rose 55% as the 24-hour trading volume surged to $418 million.
- The project’s token soared after Upbit announced trading support for RED.
- RED price could surge to $1 or find support around $0.50.
RedStone (RED), a leading decentralised finance oracle infrastructure provider, has experienced a significant price surge of 55% in the past 24 hours.
While the price increase mirrors the rest of the market’s bounce, RED has surged after Upbit, South Korea’s largest crypto exchange, announced trading support.
The announcement, made on Sept. 5, ignited excitement among traders and DeFi enthusiasts, pushing RedStone’s price to above $0.78.
RedStone price jumps 55% as Upbit lists RED
The price of RedStone skyrocketed to $0.78 on Friday, following its listing on Upbit.
Other platforms like Bithumb also saw newly-listed tokens explode.
According to CoinMarketCap, RedStone rose from lows of $0.47 to $0.78, which represents a notable 55% increase within 24 hours.
This was accompanied by a trading volume of $418 million, which had jumped by over 800% at the time of writing.
The surge comes on the heels of Upbit’s official announcement to support RED/KRW trading, with the market opening at 17:00 KST.
RedStone’s team, via their X account, celebrated the listing with a post highlighting the availability of RED/KRW on Upbit.
The post also teased upcoming events in Seoul, including the Korea Blockchain Week (KBW) and side events like the Hyperliquid hackathon and XRP Seoul, signalling the project’s active engagement with the crypto community.
This move fueled trader confidence in RED, with South Korea a market known for its robust trading activity.
RedStone price forecast
RedStone, which provides modular oracle infrastructure for DeFi protocols and secures over $10 billion in assets, aligns with Upbit’s focus on innovative projects, further driving the price jump.
Recently, RedStone acquired DeFi ratings provider Credora, which will boost the platform’s expansion efforts.
Commenting on the acquisition, RedStone noted via X:
“This brings TradFi-grade risk assessment to DeFi. It positions RedStone to play a role in decentralised markets similar to what S&P or Moody’s has long provided in traditional finance, a trusted framework for understanding and pricing risk.”
The 55% spike also reflects broader market dynamics, with protocols like Compound, Lido, and Pendle also posting gains.
While the bullish trend is evident, with Bitcoin showing higher lows, September’s historical reputation as a challenging month for assets like BTC could introduce short-term fluctuations.
Analysts suggest that sustaining the current momentum will depend on RedStone’s ability to leverage Upbit’s platform and deliver on its event promises.
For now, RED must hold above $0.60 to maintain the upside momentum.
Conversely, the token’s price could drop to $0.50 or lower.
