The spotlight on artificial intelligence (AI) continues to shine as AI-focused cryptocurrencies like FET and NEAR coinsexperience significant gains.
In the last 24 hours, FET and NEAR coins have both surged in response to reports that OpenAI, the company behind ChatGPT, is eyeing a $150 billion market valuation. This AI-driven momentum has set the stage for potential bullish growth in the broader AI crypto sector.
FET coin, part of the Fetch.ai ecosystem, recorded a sharp 10% increase, pushing its price above the $1.40 mark, while NEAR Protocol followed suit with a nearly 6% gain. These jumps in value raise the question: is this the start of a sustained uptrend for FET and NEAR coins?
OpenAI’s $150 Billion Valuation Sparks AI Coin Rally – FET and NEAR Coins
According to a Bloomberg report, OpenAI is on the verge of raising $6.5 billion in equity financing, a move that would boost its valuation to $150 billion, making it one of the world’s most valuable startups.
This funding round, expected to be led by Thrive Capital, will include participation from tech giants like Microsoft, Apple, and Nvidia. This influx of capital into the AI sector has rippled into the crypto market, with FET and NEAR coins leading the charge.
The rise in FET and NEAR coins has occurred against the backdrop of increased interest in AI development. FET’s price surged from $1.28 to $1.42 in just a day. Meanwhile, NEAR, which had suffered a significant drop in recent weeks, recovered with a price increase to $4.15.
Market analysts speculate that as OpenAI’s influence continues to expand, AI-related cryptocurrencies like FET and NEAR coins could experience further growth. Crypto enthusiasts have noted a growing appetite for AI coins as investors seek opportunities to capitalize on the technology’s rapid development.
FET, the token powering the Fetch.ai network, has seen a strong bullish movement since OpenAI’s valuation news broke. On September 11, FET was trading at $1.28. Following the announcement, the price rose by over 10%, reaching $1.42.
FET had narrowly avoided a steep decline just days earlier, when its price was on the verge of falling below $1 after Apple’s AI feature announcement on the iPhone 16 prompted a market rebound.
On the daily chart, the Bull Bear Power (BBP) indicator shows that the bulls are still in control, with green bars pushing above the signal line. Market sentiment has turned positive, and if the momentum continues, FET may rise further, potentially hitting $1.85. However, if bears regain control, there’s a risk of a decline, with prices possibly retreating to the $1.01 range.
Crypto strategist David Millar commented, “The AI narrative has been a strong driver for tokens like FET. The recent rally isn’t just speculative—it’s backed by the ongoing development and growing adoption of AI technologies. Investors are looking at projects like Fetch.ai as key players in the future of decentralized machine learning.”
NEAR Protocol Eyes $4.80 Target – FET and NEAR Coins
NEAR Protocol has also benefited from the surge in AI coin interest. NEAR’s price jumped nearly 6% following the news about OpenAI’s massive valuation goal, bringing its current trading price to $4.15. Before this rally, NEAR had dropped from $5.50 to $3.50, losing almost 30% of its value.
NEAR’s technical setup shows similarities to FET’s as the upswing began around the same time. According to the Money Flow Index (MFI), NEAR was previously oversold, indicating that liquidity was flowing out of the asset. However, with the recent price surge, the MFI has risen, suggesting more capital is re-entering the cryptocurrency.
The Relative Strength Index (RSI), which tracks market momentum, has also crossed above the signal line, reinforcing the bullish outlook for NEAR. If these indicators continue their upward trend, NEAR could reach a target of $4.80. However, should bearish pressure mount, the price could retrace to $3.75.
Susan Li, a blockchain expert, noted, “NEAR Protocol’s ecosystem is still growing, but the AI connection is adding another layer of interest for investors. As more AI capabilities are integrated into the blockchain space, NEAR stands to benefit from increased developer activity and user adoption.”
The recent price action of FET and NEAR coins suggests that AI coins may continue to attract investors, particularly with the technological advancements driving both artificial intelligence and blockchain.
As OpenAI inches closer to its $150 billion valuation, the market enthusiasm surrounding AI and decentralized technology may further boost the prices of AI coins.
One factor that could determine the future success of FET and NEAR coins is the broader adoption of AI technologies in the crypto space. With major players like Microsoft, Nvidia, and Apple making moves to invest in AI development, there’s potential for long-term bullish trends.
These companies’ interest in AI could trigger greater demand for decentralized platforms that enable AI-driven services, such as Fetch.ai and NEAR Protocol.
Key Metrics to Watch for FET and NEAR Coins
Looking ahead, investors will need to monitor a few critical metrics that could influence the trajectory of FET and NEAR coins:
Technical Indicators: For both FET and NEAR, the BBP, MFI, and RSI will provide insights into whether the upward momentum will hold.
Market Sentiment: Investor sentiment towards AI and crypto will continue to be a crucial driver. As OpenAI continues to gain prominence, its success could serve as a bellwether for the entire AI crypto sector.
Partnerships and Development: As new partnerships emerge, particularly with tech giants like Microsoft and Apple, the value of projects linked to AI, including Fetch.ai and NEAR Protocol, could see further appreciation.
In conclusion, FET and NEAR coins are riding the wave of renewed interest in AI technologies, fueled by OpenAI’s fundraising efforts and its ambitious valuation target. As the world increasingly embraces AI, these tokens are likely to remain at the forefront of the AI-crypto narrative, presenting promising opportunities for investors. However, potential pullbacks should not be ruled out, especially if bearish pressure intensifies.
By capitalizing on the synergy between AI and decentralized platforms, FET and NEAR coins are carving out a niche that will be worth watching closely in the months ahead. The Bit Gazette has the latest crypto news and expert analysis.
