Rocket Pool Price Forecast: Rallies over 40% as Open Interest hits record levels

Rocket Pool (RPL), a decentralized liquid staking protocol that allows users to earn rewards on their Ethereum (ETH) holdings, extends its rally by 40% on Tuesday after rallying 37% in the last two days. Coinglass data support this price rally as RPL’s open interest reaches record levels. Moreover, RPL announced that the first on-chain vote to revise the governance thresholds of its Protocol DAO was live.

Rocket Pool price extends double-dight gains

Rocket Pool price broke above the descending trendline drawn by connecting multiple highs since early December and rallied 31.5% on Sunday. RPL retested, found support around the trendline, and continued its rally by 4.22% on Monday. At the time of writing on Tuesday, it trades higher by over 40%, breaking above its weekly resistance of $9.42.

If RPL closes above its weekly resistance of $9.42, it will extend the rally to retest its next daily resistance at $13.26.

The Relative Strength Index (RSI) reads at 68, above its neutral level of 50 and points upwards, indicating strong bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on Sunday, giving a buy signal and hinting at rally continuation.

RPL/USDT daily chart

Rocket Pool’s Open Interest (OI) further supports the bullish outlook. Coinglass’s data shows that the futures’ OI in RPL at exchanges rose from $2.30 million on Sunday to $15.92 million on Monday, reaching a new all-time high (ATH). An increasing OI represents new or additional money entering the market and new buying, which suggests a rally ahead in the Rocket Pool price.

RPL open interest chart. Source: Coinglass

Moreover, earlier in February, RPL announced that the first on-chain vote to revise the governance thresholds of its Protocol DAO (pDAO) was live. The voting aims to lower the quorum needed for proposals and vetoes, which are part of their ongoing governance process. This aims to adjust how decisions are made within the Rocket Pool ecosystem, making governance more agile or shifting the balance of power in decision-making.