Santiment, a crypto analytics platform, reported that while the market bounced back this week, most investors were eyeing speculative crypto. Bittensor (TAO), Solana (SOL), and Helium (HNT) were among the top performers, gaining 70%, 25%, and 37% respectively in the last seven days. Meanwhile, Bitcoin (BTC) saw its social volume decline, indicating a loss of interest.
Bittensor (TAO) Leads The AI Revolution
Bittensor (TAO) is a token that powers a decentralized network of machine learning nodes. It gained popularity last year when the artificial intelligence (AI) sector was booming. The token’s value skyrocketed by 350,000% in the last 365 days, as more users joined the network to train and monetize their AI models.
The 4-hour chart shows that TAO has been on a strong uptrend since January 16, breaking through several resistance levels. The most recent one was at $389.49, which was overcome by the bullish pressure. At the time of writing, TAO was trading at $437.64, above both the 9 EMA (blue) and the 20 EMA (yellow). The 9 EMA also crossed above the 20 EMA, forming a golden cross that signals a bullish continuation.
If the bulls maintain their dominance, TAO could retest the $475 level. However, if the bears take over, TAO could fall back to $406.28, where the 20 EMA lies.
Helium (HNT) Rewards Wireless Connectivity
Helium (HNT) is a token that rewards users for providing wireless coverage for the Internet of Things (IoT) devices. It has been outperforming many of the top cryptocurrencies in the past 30 days, despite a recent dip. The 4-hour HNT/USD chart shows that the token faced a rejection at $8.12, which caused it to drop below $7.60, as some traders took profits.
The RSI indicates that HNT was overbought on January 28, with a reading of 74.35. At the time of writing, it had fallen to 44.78, suggesting that the bullish momentum had weakened. The Money Flow Index (MFI) also confirms that the inflow of capital into the Helium market had decreased. This could lead to a further decline in HNT’s price, possibly to $6.70.
However, if HNT becomes oversold, it could attract new buyers who missed the previous rally.
Solana (SOL) Attracts Scalability Seekers
Solana (SOL) crypto is a token that powers a high-performance blockchain that claims to offer fast, cheap, and scalable transactions. It has been gaining traction in the past few days, as more users and developers flock to the platform. The token surged to $105 after finding support at $80.24, and also flipped the $94.45 resistance. However, the token showed signs of a potential pullback, as it struggled to stay above $100.
The RSI supports this view, as it dropped to 57.24, indicating a loss of bullish strength. The Fibonacci retracement tool also reveals that SOL could retrace to $89, where the 0.618 Fib level is. This could be a good entry point for long-term investors. On the other hand, if SOL resumes its uptrend, it could aim for $125 in the short term.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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