How SingularityNET [AGIX] built momentum amid rising ChatGPT traction

  • AGIX topped social quantity amongst all property within the seven days.
  • The token route may proceed in an upturned regardless of being overbought.

Blockchain-powered AI token SingularityNET [AGIX], on the premise of the ChatGPT adoption, elevated 680% within the final 30 days. Sure, the surge in worth might not be stunning because it’s not the primary time that breakthroughs in different sectors influence tokens linked with them. 

Learn SingularityNET’s [AGIX] Worth Prediction 2023-2024

Curiously, different AI-linked tokens like [FET] and Ocean Protocol [OCEAN] have trended equally.

AI tokens are right here to get their due

In analyzing recent behavioral trends, Santiment identified that AGIX may not depart the fashionable listing someday quickly. In response to the on-chain analytic platform, AGIX topped the trending chart per social quantity within the final 24 hours.

As well as, consideration has been drawn to the token as Santiment famous that traders added AGIX to their watch lists. However the on-chain perception requested traders to stay watchful, as there is likely to be higher durations to go lengthy on the token.

AGIX social volume

Supply: Santiment

It’s noteworthy to say that SingularityNET has a globally accessible market the place customers can create, share, and monetize AI companies. In the meantime, the AGIX token permits customers to vote on the community’s operations with the choice to stake.

In response to Lookonchain, the highest 20 holders of the token held about $345 million price of it. This represented 55.4% of the entire AGIX provide. 

So, which means whales principally decide the AGIX shopping for or promoting stress. As anticipated, some whales have offered no a part of their holdings. However does this imply AGIX has a excessive potential to proceed additional within the upward route?

FET: Nonetheless aiming for the moon?

As of this writing, the Bollinger Bands (BB) revealed that AGIX’s volatility was excessive. However there have been probabilities that the token might be overbought for the reason that worth hit the higher volatility band. 

The situation then aligns with Santiment’s opinion for traders to be cautious about anticipating an additional improve. Therefore, a worth reversal might be at hand.

Nonetheless, AGIX’s route, based on the technical indicators, appeared to produce other plans. At press time, the Directional Motion Index (DMI) displayed a probable uptrend somewhat than a reversal.

Per the chart displayed under, the constructive DMI (inexperienced) was 52.18. It additionally had the help of the Common Directional Index (ADX) which gauges directional power. 

How a lot are 1,10,100 AGIXs price right now?

On the time of writing, the ADX (yellow) was 62.59 — this worth signaled unbelievable power for the AGIX upward route. The destructive DMI (pink) at 3.71 meant {that a} decline in worth might be out of the query.

AGIX price action

Supply: TradingView

With Micrsosft investing in ChatGPT and different AI instruments bobbing up, it’s probably that the AI token hype may not subside quickly.

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