🌎 Storj Price Surges 157%, Reaches Highest Level Since April

Storj’s Impressive Rally: A Detailed Look at the Price Surge

Storj, a blockchain network specializing in storage and decentralized graphical processing units, has continued its robust rally. The Storj (STORJ) price soared to a high of $0.6660, marking its highest level since April. This surge makes it one of the best-performing tokens in the market, with an impressive rise of over 157% from its lowest level in August.

High-Volume Trading Environment

The uptrend in Storj’s price occurred in a high-volume environment. According to recent data, the 24-hour trading volume exceeded $128.8 million. On Thursday and Wednesday, the daily volumes were $174 million and $238 million, respectively. Prior to this, Storj had less than $30 million in daily volume, marking its highest point since February.

Additionally, Storj’s futures open interest has been on the rise, reaching a high of $63 million, its highest point since December 2023.

Investor Shift Towards AI Assets

This rally coincided with investors shifting back to artificial intelligence assets in both the cryptocurrency and stock markets. Stocks like Nvidia and Palantir have seen significant gains, with valuations reaching over $3.2 trillion and $100 billion, respectively. AI cryptocurrencies such as AI Companions, Akash Network, and Bittensor have also continued to rise.

Storj’s Role in AI and Cloud Services

Storj is often categorized as an AI coin due to the services it offers, including storage and GPU leasing. Its storage solution allows users to share their free storage space and earn money when others use it. This solution is significantly cheaper than popular cloud computing platforms like AWS, Azure, and Google Cloud.

In addition to storage, Storj owns Valdi, a platform enabling users to lease GPUs like NVIDIA H100, A100, and GeForce RTX. Currently, users can lease the 8x NVIDIA H100 SXM5 80GB, which costs over $260,000, for just $2.29 per GPU hour.

Technical Analysis: Potential for a Golden Cross

The Storj token price has formed a triple-bottom at $0.3145 between July and September. It has now soared above the neckline at $0.5310, its highest point on July 29. The token is nearing a golden cross as the 200-day and 50-day moving averages approach their crossover. Additionally, it is nearing the 50% Fibonacci Retracement level.

Therefore, the path of least resistance for the token appears to be upward, with the next significant level to watch being the 50% retracement point at $0.7130. Alternatively, there could be a retest of support at $0.5310 before resuming the bullish trend.