Two cryptocurrency projects focused on artificial intelligence (AI) and data indexing have seen their native tokens surge dramatically in price over the last week. Render Network’s RNDR token and The Graph’s GRT token have pumped by double-digit percentages, outpacing many popular cryptocurrencies .
RNDR Price Spikes 45% in a Week
The price of RNDR has risen 17% today and 45% over the last 6 days. Trading volumes have nearly doubled over the past day.
According to analysis by altFINS, RNDR remains in a clear uptrend across short, medium and long-term timeframes.
A key driver of the ongoing price spike is strong earnings reported by Nvidia, a leading designer of graphics processing units (GPUs) for gaming, AI, and other applications. Nvidia’s results highlight the company’s dominant position in artificial intelligence, which is fuelling demand for its GPUs and related software.
Render Network is associated with AI and digital rendering through its focus on building a decentralized GPU rendering network. RNDR allows anyone to join and monetize their spare GPU resources for purposes like graphics rendering.
Source: altFINS – Start using it today
Based on altFINS analysis the token could see some profit-taking and consolidation around the $5-5.25 support zone before continuing its uptrend. Key resistance levels are at $6 and $8. Most of these have already played out as the token is now at $7.2 facing the next resistance at $8.
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Show more +GRT Surges 90% in a Month
The Graph’s GRT token has spiked 18% today and 53% over the last 7 days. Trading volumes have increased by over 110% in the past week.
GRT has now gained almost 90% in the past month, which suggests it may have bottomed out after a prolonged bear market based on a tweet by CryptoBusy. The protocol indexes blockchain data and supports developers in building decentralized applications.
With the hype around AI tokens, The Graph provides essential infrastructure and has attracted renewed interest. Its technology enables applications to efficiently query blockchain networks like Ethereum and IPFS.
Both RNDR and GRT have benefited from bullish sentiment around the AI sector and their core utility for Web3 platforms. While short-term overbought conditions could lead to pullbacks, the overriding uptrends reflect growing development and adoption.
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