SingularityNet (AGIX) price recovers from early March selloff

AGIX kept alive the hopes of a sustained bull rally after rallying above $0.50. Social sentiment in the SingularityNet community is still bearish, is it time to buy the dip?

Media attention around SingularityNET has decreased in recent weeks. This could indicate a perfect entry point for investors who missed the previous rally.

SingularityNET (AGIX) attracted significant media attention after a stunning 1000% surge that catapulted the crypto into the top 100 ranking crypto projects. On March 10, AGIX fell below $0.29, raising bearish concerns among investors. However, the rising AI token has since rebounded by 50%.

On-chain metrics show that the sentiment around AGIX remains negative. According to Sentiment, mentions of SingularityNet in popular crypto media channels have decreased significantly over the past month.

As shown by the red line in the chart below, SingularityNet’s social dominance decreased from 0.38% on February 19th to 0.015% as of March 23rd.

SingularityNet Social Dominance, March 2023.
SingularityNet Social Dominance, March 2023. Source: Sentiment

When social dominance declines, it signals a pessimistic mood among token holders and network participants. Cryptocurrency investors who missed out on the 1000% price surge in January may now consider entering the market.

Furthermore, the recent accumulation trend among crypto whales suggests that AGIX may experience more growth in the future.

Data from blockchain analytics firm Sentiment reveals how a significant group of whales have strategically positioned themselves for another AGIX price rally.

Crypto wallet addresses holding between 10 million and 1 billion units of AGIX have increased their balances in recent weeks.

After taking profits in early March, the aforementioned group of whales have now added nearly 10 million AGIX to their holdings within the five trading days prior to March 23, worth approximately $5 million.

SingularityNet (AGIX) Whale Archive, March 2023
SingularityNet (AGIX) Whale Archive, March 2023. Source: Sentiment

Given their financial power and ability to influence price volatility, AGIX holders can expect more volatility in the coming weeks if whales continue to buy.

AGIX Price Prediction: $0.60 Is Within Reach

Santimemt’s market value to realized value (MVRV) shows that investors who bought AGIX in the past 30 days are now at a 4% gain. A closer look at historical MVRV trends suggests that AGIX investors will initiate selling once the price reaches $0.58, around the 25% profit line.

If this resistance doesn’t stop the rally, $0.66 could be the next profit-taking area, with holders sitting on 40% gains.

SingularityNet (AGIX) MVRV (30D), March 2023.
SingularityNet (AGIX) MVRV (30D), March 2023. Source: Sentiment

Nevertheless, if AGIX enters a downtrend, the hold will likely sell off around the 26% loss line at $0.35. If this support area fails to hold, AGIX could decline again below $0.25.


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