The EOS token rallied for a second consecutive day

EOS, the native token of the decentralized finance (DeFi) chain, rallied for a second consecutive day on Thursday, 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) price 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 price analysis: Is A token approaching key resistance?

The 8-hour chart shows that EOS continued to climb, reaching $0.85—its highest since April 4. The token has now 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.

EOS price technical analysis: 8-hour chart

Source: TradingView

What happened: EOS price technical analysis showed that 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.

The increase in the funding rate came as the cryptocurrency recovered sharply from its recent lows, with the bulls managing to push the price above the 50-period moving average.

At the same time, the relative strength index (RSI) also moved into positive territory, indicating that the buyers were in control. However, the RSI was still some distance from being overbought, suggesting that there was potential for further gains.

The positivity in the market also helped boost the volume of tokens processed by EOS’s decentralized exchange protocols in the last 7 days, according to third-party data.

The protocols handled tokens worth $$86.7 million, bringing the 30-day volume to $158 million. The protocols process both EOS and other tokens, such as WETH and USDC.

The sharp increase in volume came 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.

The new brand is set to highlight the chain’s role in enabling banks and fintech companies to launch scalable, cross-border financial services. The chain will offer programmable contracts and settlement layers, in an ambition that the team compares to Stripe, the payments giant that helps businesses accept online payments.

However, the focus for Vaulta will be on making it easier for traditional financial firms to tap into blockchain without needing deep technical expertise.

"We want to make it clear that we are not trying to compete with Stripe in the same market segment. Stripe's mission is to connect the physical and digital worlds through payments, while Vaulta's mission is to empower banks and fintech companies to build the next generation of financial services," a spokesperson for the chain explained.

The chain will also be a major player in the real-world asset tokenization industry, providing companies in the wealth and asset management industries with the technology they need to tokenize assets into digital tokens.