As a seasoned crypto investor with a penchant for AI-focused tokens, I’ve been closely monitoring Storj (STORJ) and its impressive rally. With my years of experience in the market, I can confidently say that this is not just another pump and dump; it’s a solid investment opportunity. The soaring price of $0.6660, a level last seen in April, coupled with the high volume environment and rising futures open interest, suggests a strong underlying demand for Storj.
Storj, a blockchain-based platform specializing in data storage and distributed graphic processing units, maintained its robust upward trend.
On September 23rd, the value of Storj (STORJ) reached a peak of $0.6660, a level not seen since April, placing it among the top-performing tokens in the market. This impressive surge represents an increase of more than 157% from its lowest point in August.
The uptrend occurred in a high-volume environment. Data from CoinGecko shows that the 24-hour volume was over $128.8 million. It had a daily volume of $174 million and $238 million on Thursday and Wednesday, respectively. Before that, Storj had less than $30 million in daily volume, marking its highest point since February.
As an analyst, I’ve observed a significant uptick in the open interest for Storj’s futures contracts, peaking at an all-time high of $63 million. This figure marks the highest point since the end of December 2023.
The rally occurred due to a shift in investor interest towards technology focused on artificial intelligence within both the cryptocurrency and stock markets. Notably, companies such as Nvidia and Palantir have seen significant growth, elevating their market capitalizations to approximately $3.2 trillion and $100 billion respectively.
AI-based cryptocurrencies such as AI Companions (AIC), Akash Network (AKT), and Bittensor (TAO) have persistently surged in value too.
Storj is often referred to as an AI-associated coin due to the services it provides, such as storage and GPU rental. Its storage system enables users to monetize their spare storage space by renting it out to others. As stated on its website, its solution is notably more affordable compared to well-known cloud computing platforms like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud.
Storj, on the other hand, manages Valdi, a service that enables individuals to rent powerful GPUs such as NVIDIA H100, A100, and GeForce RTX. Now, you can hire the 8x NVIDIA H100 SXM5 80GB, priced at over $260,000, for an affordable rate of $2.29 per GPU hour.
Storj token may form a golden cross
Over the span of July to September, the price of Storj’s token created a triple-bottom pattern at approximately $0.3145. More recently, it has surpassed its neckline at $0.5310, reaching its peak from July 29.
The token’s moving averages are getting close to intersecting, creating a potential golden cross. Additionally, it’s heading towards the 50% Fibonacci retracement point.
Consequently, it seems more likely for the token’s trajectory to head upwards next, with the key level to keep an eye on being the 50% retracement point at around $0.7130. However, another plausible outcome could involve a retest of support at approximately $0.5310 before resuming its bullish trend.
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2024-10-18 17:48