CryptoBull_360 posted an analysis of Ionet’s chart, explaining that the price of IO has broken out of the descending triangle formation and appears poised to continue its bullish run.
The volume indicator on the left side of the chart shows significant trading activity around the $1.45 to $1.6 range, with this price level now acting as support.
The analyst anticipates a spike to $3, which would represent an approximate 100% increase. The target is the top of the broken descending channel pattern, which could serve as a major resistance level.
$IO getting ready for strong breakout from multiple resistance zone of 4Hr TF. Expecting 80%-100% rally from this zone very soon, Volume rising as good momentum, Keep an eye on#IO #IOUSDT pic.twitter.com/ZmrFDM39ZO
— CryptoBull_360 (@CryptoBull_360) August 22, 2024
The zigzag line within the price target range suggests that it may not be a smooth ascent; the price could experience some volatility and retracement before reaching the target level.
Io.net as a Multi-Billion Dollar Protocol
While the technical analysis paints a promising picture, another respected analyst, zerokn0wledge, has delved into the fundamental aspects that make Io.net a potential multi-billion dollar protocol.
Zerokn0wledge highlights Io.net’s unique selling proposition: geo-distributed GPU clustering. This advanced technology allows for the linking of multiple GPUs across different geographical locations to function as a single, powerful computational resource. As we move into the age of AI, this capability becomes increasingly crucial.
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The analyst explains that while GPU clustering itself is not new, Io.net’s ability to create large-scale clusters distributed across the globe, aggregating GPUs from various sources including data centers and consumer devices, sets it apart from competitors.
This feature allows users to create custom clusters, for example, combining 25 GPUs from the US, 25 from Germany, and 125 from Singapore, resulting in a formidable computational resource.
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Zerokn0wledge emphasizes that as AI becomes more prevalent in enterprise applications, solutions like Io.net that can make AI accessible by connecting latent hardware will be in high demand. The protocol’s unique position as the only solution capable of creating clusters over different geographic locations puts it at a significant advantage in this growing market.
While the geo-distributed nature of Io.net’s network introduces some challenges in terms of latency and complexity, the analyst believes that as these solutions mature, Io.net’s potential to revolutionize the AI infrastructure landscape will become increasingly apparent.
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The post Top Analyst Unveils Why Io.net (IO) Is Set to Become a Multi-Billion Dollar Protocol as Price Action Signals Major Rally appeared first on CaptainAltcoin.
