Storj crypto rallies as a golden cross pattern nears

Storj, a blockchain network focused on storage and decentralized graphics processing units, continued its strong rise.

Storj (STORJ) price rose to $0.6660, its highest level since April, making it one of the best-performing tokens on the market. It is up over 157% from its lowest level in August.

The uptrend occurred in a high-volume environment. CoinGecko’s data shows 24-hour volume is over $128.8 million. It had daily volume of $174 million and $238 million on Thursday and Wednesday, respectively. Before that, Storj’s daily volume was below $30 million, reaching its highest point since February.

Storj’s futures open interest continued to increase, reaching $63 million, its highest point since December 2023.

This rally occurred as investors returned to cryptocurrency and AI assets in the stock market. Stocks like Nvidia and Palantir have soared, pushing their valuations to over $3.2 trillion and $100 billion, respectively.

AI cryptocurrencies such as AI Companions (AIC), Akash Network (AKT), and Bittensor (TAO) also continued to rise.

Storj is seen as an AI coin due to the services it offers, including storage and GPU rental. The storage solution allows users to share their free storage and earn money when others use it. According to the website, its solution is significantly cheaper than popular cloud computing platforms such as AWS, Azure and Google Cloud.

Storj also owns Valdi, a platform that allows users to rent GPUs such as NVIDIA H100, A100, and GeForce RTX. Users will now be able to rent an 8x NVIDIA H100 SXM5 80GB, which costs over $260,000, for just $2.29 per GPU hour.

Storj token may create golden cross Storj chart according to TradingView

The Storj token price formed a triple bottom at $0.3145 between July and September. It is now above the neckline of the July 29 high at $0.5310.

The token is about to form a golden cross as the 200-day and 50-day moving averages near its crossing. It is also approaching the 50% Fibonacci Retracement level.

Therefore, the path of least resistance for the token is to the upside and the next point to watch is the 50% retracement point at $0.7130. Another possible scenario is a retest of support at $0.5310 before resuming the uptrend.