RedStone Jumps 55% on Upbit Listing with $418M Volume
RedStone, a DeFi oracle infrastructure provider, saw its token RED surge 55% to $0.78 over 24 hours after Upbit announced support for RED/KRW trading. Trading volume jumped over 800% to $418 million. The market opened at 17:00 KST on Sept. 5, fueling trader enthusiasm. RedStone’s team highlighted upcoming events like Korea Blockchain Week and the Hyperliquid hackathon in Seoul. The project recently acquired DeFi ratings firm Credora to enhance risk assessment, aiming to bring TradFi-grade analytics to decentralized markets. Analysts note that holding above $0.60 is crucial to maintain momentum, with potential support at $0.50 and upside towards $1. The listing aligns with broader altcoin gains in a recovering market. Traders should monitor RedStone’s ability to capitalize on Upbit exposure and deliver on roadmap milestones to sustain the bullish trend.
Bullish
Upbit’s support listing drove RedStone’s 55% price jump and $418M trading volume surge, mirroring bullish spikes seen when exchanges like Bithumb list new tokens. Increased liquidity and heightened visibility typically attract speculative buying, generating short-term upside. Sustaining momentum depends on RedStone delivering on roadmap events in Seoul and leveraging Upbit’s market, potentially strengthening fundamentals and liquidity long-term. However, profit-taking could test the $0.60 support, underlining the importance of continued execution to maintain a bullish trajectory.