AI16Z token surges 35%, market cap reaches $1.36B on listings
Strategic partnerships drive growth
On January 22, the native token of the AI agency platform ai16Z led the daily gains among the top 100 cryptocurrencies by market capitalization, surging 35%.
At its intraday peak, ai16Z reached $1.25. As of writing, the project's market cap hit $1.36 billion, with a 24-hour trading volume of $363 million.
The rally followed a surge in demand for the token on the futures market. According to CoinGlass, open interest in ai16Z futures increased by 33% in 24 hours, reaching over $213 million.
Investor interest in ai16Z was further fueled by multiple exchange listings. On January 20, the decentralized trading platform dYdX listed ai16Z, and on January 22, Kraken Pro added the altcoin to its perpetual futures market, allowing traders access to leveraged positions.
Strategic partnerships drive growth
The token's market performance has also been supported by key partnerships. On January 21, ai16Z partnered with Hyperbolic, a decentralized infrastructure provider, to integrate computational tools and verifiable inference services into the creation of AI agents. This collaboration is expected to enhance the capabilities of the ElizaOS operating system.
Such collaborations have been well-received by the project’s community, as they improve the overall performance of the platform. ElizaOS has also been integrated into the decentralized trading application Bebop, enabling AI agents built on ElizaOS to execute more efficient trades.
Analysts predict continued rally
The January 22 rally helped ai16Z recover most of the weekly losses, which could have reached 25% without the day’s gains. Over the past month, ai16Z has more than doubled in value, rising from $0.61 on December 23. However, this is still only half of its all-time high of $2.48, achieved on January 2 of this year.
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Analysts expect the rally to continue. The pseudonymous trader CryptoBull predicts that the altcoin could rise by 75% from the recently tested support zone around $0.80.
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An even more optimistic outlook came from analyst Ali Martinez, who noted in a January 16 post on X that ai16Z is trading within an ascending parallel channel that has been forming since late December. He identified $0.80 as a key support level and projected a potential rise to $2.60, provided that ai16Z continues trading within the ascending channel in the coming weeks.
As we wrote, Virtuals Protocol and AI16z lead crypto market recovery as Franklin Templeton highlights AI-Crypto synergy
