EOS (VAULT) Price Surges 20% as the Network Unveils Its Vaulta Banking Advisory Council

EOS, the cryptocurrency behind the EOS Network, has been on a remarkable upward trajectory, gaining over 20% in value

The cryptocurrency market has generally been struggling as of late, with most major tokens failing to maintain any sort of upward momentum. However, EOS (CRYPTO: EOS) has been a standout performer recently, as it has managed to rally despite the broader market weakness.

EOS is the native token of the EOS Network, which is currently undergoing a rebranding to Vaulta. The project announced the formation of the Vaulta Banking Advisory Council, composed of top banking experts and seasoned regulators, which seems to be a pivotal factor in the token’s recent performance.

EOS rose by over 20% over the past three days, pushing its market capitalization above $1 billion for the first time since mid-February. The token reached an intraday high of $0.707 on April 1, marking its third consecutive day of price increases. Trading volume also saw a massive 87% increase, with $371.6 million in EOS being exchanged between traders over the past 24 hours.

The primary catalyst behind EOS’s impressive performance is the upcoming rebranding to Vaulta, which is set to go live by the end of May. This strategic shift will focus the project on blockchain-powered banking solutions.

As part of this transition, the EOS token will be undergoing a name change to Vaulta, with a new ticker symbol to be announced later this month. The rebranded token will retain all of EOS’s core technology, including its integration with exSat, the Bitcoin (CRYPTO: BTC) banking solutions.

Another key feature of the upcoming Vaulta token is its attractive staking yield, which is currently estimated at approximately 17%. This yield will be supported by a reward pool of about 250 million tokens, positioning it well above major cryptocurrencies like Ethereum (CRYPTO: ETH) (2.03%) and Solana (CRYPTO: SOL) (5.14%).

The Vaulta Banking feature, which was introduced by the EOS Network last month, aims to bridge traditional banking with Web3 technology. With traditional financial institutions like BlackRock (NYSE:BLK) expanding their crypto presence and interest in crypto-related products increasing rapidly, tools like Vaulta could potentially see widespread adoption.

“To bridge traditional finance and Web3, we’ve brought together seasoned leaders from banking, fintech, and digital assets. Their strategic guidance ensures Vaulta stays compliant, credible, and ready for mass adoption,” the network stated in a recent press release.

Moreover, the network highlighted that Vaulta will expand Web3 to portfolio investments, including real estate and commodities, through Real World Asset (RWA) tokenization.

Technical Analysis

From a technical analysis perspective, EOS has broken out of a descending parallel channel, which suggests a shift from bearish to bullish momentum. The Relative Strength Index (RSI) stands at around 78, which indicates strong buying activity, although this high reading may signal that the token is approaching overbought territory.

Despite the potential for short-term reversals, the Average Directional Index (ADX) is increasing, showing greater strength in the bullish trend. These positive signals suggest that there may be room for further upside potential, with some analysts setting a price target of $1 for EOS.

On the daily chart, EOS has moved above the 20-period Exponential Moving Average (EMA), which is usually a sign of bullish momentum. If this trend continues, the price could reach $0.83 at the 0.618 Fibonacci ratio, and if there is even stronger buying pressure, it could retest the $1 level.

The cryptocurrency also formed a golden cross on March 25, when the 50-day moving average crossed above the 200-day Simple Moving Average. This pattern remains valid and could support a longer-term upward trajectory for the cryptocurrency.

"Testing multiple trendlines, successful breakout could send it towards 1$."

The Supertrend indicator has turned bullish, moving below the price and displaying green signals. Furthermore, the Aroon Up indicator is at 100% while the Aroon Down is at 0%, demonstrating clear dominance of buying pressure over selling.

Social media data shows increasing interest in EOS, with social dominance rising to 0.31%. This metric, which measures the percentage of discussions referencing EOS across various social media platforms, indicates growing attention in the market, which could translate to increased demand if sustained.

Data from the derivatives market provides additional bullish signals. Open interest in EOS futures has surged more than 30%, reaching an 11-month high of $144.14 million. The funding rate has also turned positive, indicating that more traders are betting on price increases in the near term.

While short sellers are present in the market, with funding rate data from Coinglass showing extreme short positioning at one point, many of these positions are being liquidated. Over $3 million in EOS short positions have been closed in the past two days, creating