SingularityNET Price Reaches All-Time High as AI Token AGIX Shows High On-chain Activity
As the price of AGIX went parabolic and made a new all-time high, can it continue rising?
Key Takeaways
- Enthusiasm for AI has boosted the performance of the SingularityNET (AGIX) crypto.
- AGIX records a 90% rally, hitting new all-time highs.
- On-chain data shows increased AGIX transactions and holders
The cryptocurrency market has recently shown enthusiasm about artificial intelligence (AI), following Nvidia‘s earnings report. Amid this excitement, AI tokens have emerged as standout performers. SingularityNET (AGIX) is one of them.
This surge in interest is not without merit, as AGIX has seen an extraordinary increase in its value, marking nearly a 90% rally in the week leading up to February 23. This follows an even larger surge of 128% in the week before February 22, illustrating a significant uptick in market enthusiasm for the token.
AGIX On-Chain Data
According to blockchain and crypto social metrics platform Santiment , AGIX showcased a record-breaking transaction volume of $119.6 million as of February 22. Not only that, but it was also accompanied by noteworthy whale activity, including nine transactions exceeding $1 million.
Additionally, the number of SingularityNET holders reached a new all-time high of 93,632, coupled with a social dominance of 0.18%.
SingularityNET Price Analysis
The price of AGIX has been in an uptrend since January 26. It rose from a low of $0.24 to today’s high of nearly $0.80, increasing by over 220%. This high was a new all-time high, although slightly higher. The previous was made on February 3 when AGIX peaked at $0.67.
The price is still moving upward without showing weakness, so more upside could occur. Judging by the wave structure, the current rise is the higher degree third wave. It comes after wave two established a higher low of $0.16 in October 2023 after touching the 0.786 Fibonacci retracement level.
The daily chart RSI is signaling overbought conditions, which is the only signal of a potential reversal at the moment. We could see a minor pullback for a lower degree wave four before another high to the 1.618 Fibonacci extension to $1.
Then a larger correction should develop. However, AGIX should continue even higher, climbing past $1 and potentially reaching around $1.40 area.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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