Storj, a leading cryptocurrency in the decentralized storage space, staged a strong comeback, soaring to a high of $0.60, its highest level since April 12. The token has soared by more than 132% from its lowest point this year, giving it a market cap of over $85 million.
More integration and AI
Storj is one of the top companies in the Decentralized Public Infrastructure Network (DePIN). It is a top player that provides storage and GPU solutions to users from around the world.
Its storage solution lets users store files and documents in distributed locations, which are provided by thousands of providers. This platform is similar to what Filecoin and Box provide.
The company also owns Valdi AI, a platform that lets users access advanced GPUs for as little as $10. This is an important service at a time when demand for advanced GPUs is greater than the existing supply.
For example, one can rent NVIDIA H100 for just $2.35 an hour and an NVIDIA A100 from $1.95 an hour. NVIDIA L40 GPU costs $1.30 while the RTX A6000 costs $0.60 an hour.
These are significantly low costs, considering that the price of these GPUs has surged in the past few months as demand has soared. Nvidia’s H100 starts at over $27,000, making it highly unaffordable to most people.
Leasing these GPUs is seen as a more cost-friendly approach for people working on game development, Bitcoin mining, and artificial intelligence training. The challenge for Storj, however, is that it is in a highly competitive industry that competes with the likes of Clore, Render, and Akash.
Other AI assets have continued soaring. Nvidia shares surged, pushing its market cap to over $3.2 trillion, making it the third-biggest company in the world.
The Storj token price rose as the developers intensified their partnerships to grow their market share. They integrated PredatorAIBot, a fast-growing trading bot provider.
The company is also participating in the Lenovo TechWorld conference in Seattle, where it will showcase its technology. Just last week, Storj announced its acquisition of PetaGene, the creator of CunoFS, which lets users interact with object storage networks.
Storj price analysis
The daily chart shows that the Storj token bottomed at $0.3145, failing to move below since July. It has formed a triple-bottom chart pattern, a popular bullish sign.
Storj has also moved above the 200-day and 50-day Exponential Moving Averages (EMA). The two are about to form a bullish crossover called the golden cross. This is one of the most bullish signs in the market in most periods. For example, the last time it formed a golden cross in 2023, it staged a strong comeback.
The Relative Strength Index (RSI) and the MACD indicators have pointed upwards. Therefore, the token will likely continue rising as bulls target the next key resistance point at $0.9420, its highest point on March 8, 60% from the current level.
