Storj crypto rallies as a golden cross pattern nears

Storj, a blockchain network focused on decentralized storage and GPU leasing, has continued its impressive upward momentum, reaching a high of $0.6660—its highest level since April. This surge has made Storj one of the top-performing tokens in the market, with a remarkable rise of over 157% from its low point in August.

The rally comes amidst a surge in trading volume. According to CoinGecko, Storj saw a 24-hour trading volume exceeding $128.8 million, with daily volumes reaching $174 million on Thursday and $238 million on Wednesday. This marks a significant increase from previous levels, where daily volume had been under $30 million, representing its highest volume since February.

Additionally, Storj’s futures open interest has continued to climb, peaking at $63 million, the highest level since December 2023.

This surge in Storj’s price aligns with a broader market shift toward artificial intelligence (AI) assets, both in the crypto space and the stock market. Stocks like Nvidia and Palantir have soared in recent weeks, driving their valuations to over $3.2 trillion and $100 billion, respectively. AI-focused cryptocurrencies, such as AI Companions (AIC), Akash Network (AKT), and Bittensor (TAO), have also seen significant gains.

Storj is increasingly recognized as an “AI coin” due to its services that cater to AI and decentralized computing needs, such as its affordable storage solutions and GPU leasing. The network allows users to rent out unused storage space and earn income when others access it. According to Storj’s website, its service is significantly more affordable than mainstream cloud platforms like AWS, Azure, and Google Cloud.

In addition to its storage solutions, Storj owns Valdi, a platform enabling users to lease high-performance GPUs, including models like NVIDIA H100, A100, and GeForce RTX. Users can lease the 8x NVIDIA H100 SXM5 80GB, valued at over $260,000, for just $2.29 per GPU hour. This offers a cost-effective option for those needing powerful computing resources for AI and other demanding applications.

Storj token may form a golden cross

The price of the Storj token has recently formed a triple-bottom pattern at $0.3145 between July and September, signaling potential bullish momentum. The token has now broken above the key resistance level at $0.5310, which was its highest point on July 29.

Storj is also on the verge of forming a golden cross, as the 200-day and 50-day moving averages are nearing a crossover, a classic bullish signal. Additionally, the token is approaching the 50% Fibonacci Retracement level, which adds further weight to the potential for continued upward movement.

Given these technical indicators, the most likely scenario is that Storj will continue its upward trajectory, with the next significant level of resistance to watch being the 50% retracement point at $0.7130. However, there is also a possibility that the token could pull back to retest the support at $0.5310 before continuing its bullish trend.