AI-Tokens Thriving the Crypto Space: SingularityNET Price Rallies 1000% in January!

Key Takeaways:

• Singularity token underwent a magnificent upswing by gaining more than 1500% since the start of 2023 and nearly 300% since the beginning of the month
• The bulls seem to have controlled the rally and hence fewer possibilities of a bearish pullback may be expected in the coming days
• After rising iconically, the AGIX price remained consolidated during the last trading day and closed the trade at $0.479 with a market capitalization of $556.73 million and a circulating supply of 1.19B AGIX

The world of the internet is evolving at lightning speed where-in novel technologies are bringing massive changes, challenging the existing technologies. AI is one among them which has shaken the entire tech space and now embracing the crypto space. The Ai-based tokens have been thriving in the crypto space for quite a long time wherein Singularity (AGIX) leads the table followed by Fetchi.ai, The Graph token, etc. 

Read More: The Sandbox On-chain Analysis

But what led to a massive explosion? What triggered AGIX’s price to rise more than 1500% in 2023?

AI-based projects have gained huge traction in recent times. The impact of the newly launched AI tool ChatGPT is the best example. Moreover, when tech giant Microsoft announced a $10 billion investment in ChatGPT, the AI space, and their tokens spiked high. This was further fueled when Google also announced a $300 million investment in AI startup, Anthropic. 

Yet another reason for the major spike could be the collaboration with Cardano to build a bridge connecting Ethereum and also carrying future plans to introduce ADA staking in Q1 2023.  

https://twitter.com/SingularityNET/status/1613621095038607361

Therefore, these reasons could have impacted the AGIX price rally, but other reasons also indicate that the ascending trend may continue with fewer chances of a pullback. 

Singularity Token Technical Overview

Source: Tradingview

• The AGIX token maintained a fine upswing since the beginning of February 2023 by gaining more than 300% 
• With the recent pullback, the price accomplished the correction following the breakout from the rising wedge and hence is expected to resume with a notable upswing
• The Bollinger bands appear to be squeezing after the recent breakout, hence indicating another giant price action could be following 
• The MACD is displaying a bullish crossover, while the ATR, the volatility indicator displays high volatility that may result in a notable upswing ahead

Singularity Token On-Chain Analysis

The Graph Token Development Activity

Source: Santiment

The development activity of the project signifies the commitment of the developing team to deliver a strong product with advanced features. The rise in activity indicates that the team is working on network upgrades which could be delivered in the near future. This may intensify the positive sentiments as the platform is developing to be more robust.

The activity was massive throughout the year 2022 regardless of the price trend which was stuck within a deep bearish sea. Presently, the activity has dropped to the lowest levels which may certainly not be in favor of the token. The development activity is recorded on the GitHub repositories which are publicly accessible.

The Graph Token Supply on Exchanges vs Supply on Top Addresses

Source: Santiment

The supply on the top exchanges indicates the number of tokens held by all the popular exchanges, combined. Besides, the supply on the top addresses indicates the number of tokens held by the top addresses which could be largely referred to as whales. A rise in both of the levels may certainly be bullish but compels the token to consolidate in a narrow range. 

Presently, both levels have a bottom which means the traders are not willing to hold their tokens on the exchanges as they do not have any intention of selling them. Besides, the drop in the levels of top addresses indicates that the whales may have halted their accumulation, while many tokens are in circulation that may enhance the volatility. Therefore, flashing bullish signals. 

Additional Read: Ethereum Shanghai Upgrade

Singularity Token Network Growth

Source: Santiment

The network growth is much similar to the Daily Active Address which records the number of addresses interacting each day, this metric records only the new addresses. The growth of the network depends on adding up new addresses regardless of the trade they perform and hence a jump in the levels indicates a higher rate of adoption. 

The rise in the levels also points out towards the growing traction of the project and the willingness of more participants to be active on the network. The levels have spiked gigantically indicating a hefty rise of new addresses over the network over the past few days. Therefore, when the adoption rate has surged so high, the price is expected to maintain an ascending trend. 

Concluding Thought!

Singularity’s path to building a strong AI base is becoming closer day by day. Presently, the network is home to nearly 15 AI-based platforms across finance, robotics, biomedical, media, arts, and entertainment. The rise of AI technology has fueled the AGIX price to a large extent while the prevailing trend is expected to continue as the network growth has swelled heavily, attracting many more hands onto the network.