Over the past day, Phoenix (PHB) has seen its token price spike over 27% to reach $1.74. The Layer 1/Layer 2 blockchain project focuses on artificial intelligence (AI) and privacy-enabled Web3 applications.
Fundamental growth in adoption of Phoenix’s AI offerings coinciding with a technical breakout helps explain its latest upside momentum.
The token went from a 24 hour low of $1.36 to a high of $1.93 before falling to its current price. The token is also one of the top gainers on Binance. The current market cap of the token stands at $82 million.
SkyNet AI Usage Expanding Steadily
According to a recent tweet from the Phoenix team, total usage of its SkyNet AI ecosystem continues to rise day-over-day. The GenAI image and text processing models facilitated over 700 prediction requests on February 17th alone.
Cumulatively, the variety of AI models offered has amassed over 10,000 calls from users. This gradual traction showcases real-world utility derived from Phoenix’s machine learning capabilities.
The timing aligns with surging interest in AI applications in the crypto space more broadly. As one of the only specialized blockchains centered on privacy-preserving AI, Phoenix is uniquely positioned to capitalize on this trend.
Technical Analysis Highlights Upside Breakout Underway
On the coin’s technical price charts, crypto analyst Team Lambo identifies a definitive breakout above key long-term resistance levels. With PHB clearing this overhead zone, they eye further upside targets at $3 and $4.
Veteran trader Javon Marks echoes a similarly bullish perspective. Noting PHB approaching its initial $2.39 breakout target, he expects another +30% rally toward this mark. And upon decisively breaching the $2.39 hurdle, Marks’ analysis suggests another +80% move to $4.40 comes into play.
In addition, analyst Fren0x highlights a bullish “cup and handle” pattern that appears primed to trigger a major upside extension. Compared to other AI-focused tokens that already saw parabolic uptrends, Phoenix has tangible room to play catchup in his eyes.
With both strong on-chain usage data and bullish technical analysis aligning for Phoenix, traders have justification to stay constructive on further PHB upside. Still, sustaining developer activity and real-world adoption remain imperative for Phoenix to carve out a long-term niche in AI-driven Web3 infrastructure.
The coming days may determine whether the current breakout has true legs. In particular, PHB maintaining above the oft-cited resistance turn support at $1.80 would signify durability. But if prices fizzle out quickly, questions around broader crypto market direction may override Phoenix’s recent positives for the time being.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
