Altcoin
FET jumps 11%, RNDR soars 17% while NEAR lags: AI for the win?
Render outperformed other top AI tokens like FET and NEAR as its price surged by more than 17% in the last 24 hours.
- The possibility of FET reclaiming $2.4 seemed likely to happen.
- NEAR’s price increased by 5%, but a bigger rally might be around the corner.
As the market showed signs of recovery from the bloodbath that happened a few days ago, AI tokens also joined the trend. Top AI tokens such as Fetch.ai [FET], Render [RNDR], and NEAR Protocol [NEAR] painted their daily charts green.
However, while some of these tokens registered double-digit growth, the rest moved up marginally, considering last week’s loss.
Top-performing AI tokens
The change in market sentiment allowed several AI tokens to gain bullish momentum. Thanks to that, AI tokens’ market capitalization increased by more than 7% in the last 24 hours.
Among the rest, FET was one of the most popular cryptos. The token’s price had surged by more than 11% in the last 24 hours. At press time, it was trading at $2.37 with a market cap of over $2 billion.
CryptoTony, a popular crypto analyst, recently posted a tweet mentioning that if FET manages to reclaim $2.4, investors might witness yet another bull rally.
To see whether that’s likely to happen, AMBCrypto analyzed its on-chain metrics.
An analysis of Santiment’s data revealed that buying pressure on FET was high. This was evident from the fact that its exchange outflow spiked sharply.
Its supply on exchanges also dropped, reflecting that investors were buying the AI token. Additionally, positive sentiment around the token remained high in the last few days.
Source: Santiment
Though FET’s performance was commendable, Render’s growth momentum was even higher as its price increased by over 17% in the last 24 hours. At press time, it was trading at $9.42 with a market cap of over $3.5 billion.
A look at RNDR’s metrics revealed what helped it to grow by 17% in a day.
We found that RNDR’s supply on exchanges dropped while its supply outside of exchanges increased. This clearly suggested that buying pressure was dominant in the market.
The AI token’s MVRV ratio also improved, supporting the price uptick.
Source: Santiment
NEAR is not on par
It was interesting to note that while FET and RNDR showcased promising performance, NEAR, the top AI token in terms of market cap, didn’t grow like others.
According to CoinMarketCap, NEAR’s price increased by 5% in the last 24 hours. At the time of writing, the token was valued at $5.85 with a market cap of over $6.2 billion.
Read NEAR Protocol’s [NEAR] Price Prediction 2024-25
Nonetheless, there were possibilities of NEAR gaining momentum as a few market indicators looked bullish. For instance, its Relative Strength Index (RSI) was bullish.
The AI token’s Chaikin Money Flow (CMF) also went up and was headed towards the neutral mark. These indicators suggested that NEAR might display a considerable price increase in the coming days.
Source: TradingView
