The past week has seen SingularityNET (AGIX), a leading provider of AI services on the blockchain, experience a remarkable price surge of over 71%, reaching a 30-day high of $0.58. This significant jump follows a broader rally in the AI and blockchain space, triggered by the introduction of OpenAI’s Sora, a text-to-video AI model.

What’s Fueling the AGIX Rally?

Several factors contributed to AGIX’s recent price increase:

• OpenAI’s Sora: The announcement of Sora, particularly its association with Livepeer, another blockchain-based video technology platform, generated excitement around the potential of AI and blockchain integration. As SingularityNET shares some similar goals with Livepeer, it benefitted from the positive sentiment.
• Increased trading volume: Trading volume for AGIX has jumped significantly alongside its price, indicating increased investor interest and participation. This further fuels the upward momentum.
• Anticipation of AI adoption: The growing awareness of AI’s potential across various industries is contributing to an optimistic outlook on AGIX, as the platform positions itself as a facilitator for decentralized AI development and access.

SingularityNET Price Predictions by Analysts

Analysts offering AGIX price predictions vary in their approaches:

• Wallet Investor: Predicts a rise to $2.82 by 2025, with a more conservative minimum of $0.98.
• Trading Beasts: Estimates a potential reach of $1.14 by the end of 2024, while acknowledging short-term volatility.
• Long Forecast: Provides a wider range of $0.43 to $1.18 for the rest of 2024.

AGIX/USD Technical Analysis

Currently, AGIX/USD is experiencing a period of consolidation after its rapid climb. Technical indicators suggest:

• Relative Strength Index (RSI): At 60, indicating some overbought territory but not necessarily unsustainable growth.
• Moving Average Convergence Divergence (MACD): Positive crossover, suggesting continued bullish momentum.
• Support and Resistance: Key support levels lie at $0.5 and $0.45, while resistance is present at $0.6 and $0.7.