The surge in the AIOZ Network price by nearly 19% during the day reflects the positive momentum in the broader cryptocurrency market following supportive statements by Donald Trump regarding digital assets. In the larger market context, Bitcoin experienced a near 2% increase, edging closer to the $70,000 milestone. Other leading cryptocurrencies like Ethereum and Solana also saw significant upticks of over 3% intraday.

Furthermore, alongside the overall market optimism, the AIOZ Network price received solid backing from Futures and Options (F&O) traders due to a substantial growth in Open Interest contracts, as pointed out by analysts.

Significant Growth in Open Interest Contracts

AIOZ Network functions as a decentralized platform dedicated to Web3 AI, storage, and streaming solutions. Its objective is to lay the groundwork for a faster, more secure, and decentralized future.

Through the utilization of a global network of decentralized physical infrastructure networks (DePINs), AIOZ incentivizes users to contribute their computing resources, facilitating efficient storage, transcoding, and streaming of digital content, alongside decentralized AI processing.

The recent 37% surge in the AIOZ Network's value was primarily fuelled by the favorable market sentiment and positive growth in Open Interest contracts over the past week.

The Open Interest contracts observed an impressive surge of over 50%, escalating from $1.92 million to $2.9 million within a week. A notable increase in Open Interest contract activity was also evident.

Technical Assessment of AIOZ Network

An examination of the daily chart indicates that AIOZ Network has been undergoing a correction phase since mid-March 2024. Despite a 37% intra-week surge, AIOZ is still around 40% lower than its March peak of $1.05.

As per analysts, AIOZ underwent a correction, forming a descending parallel channel pattern. However, the recent resurgence initiated by buyers could potentially trigger a breakout, leading AIOZ towards a bullish trajectory in the near future.

On the upper end, the latest hurdle may lie in the upper trendline resistance, potentially impeding price movements. If buyers stage a comeback and the price surpasses the $0.69 mark, it could signal a bullish reversal, propelling the price higher.

Conversely, a drop below $0.5 could invalidate a bullish scenario, paving the way for increased selling pressure in the market thereafter.

Possibility of AIOZ Network Price Breaking Out of Correction Phase

AIOZ witnessed a 37% surge intra-week, driven by market positivity and a 50% rise in Open Interest contracts. Despite this, it remains 40% below its March peak of $1.05. Analysts identified a descending parallel channel pattern, suggesting a potential bullish breakout if the price exceeds the $0.69 mark.

However, a breach below $0.5 might lead to escalated selling pressure. Recent price movements reflect the confidence of short-term traders and investors, influenced by broader market trends and optimistic sentiments towards cryptocurrencies.