Analysis of TAI Price Upon Launch of Solana AI Fund by TARS Protocol
The TARS Protocol saw a rebound in its price on Friday following the launch of an ecosystem fund by its developers to expand the network. Recently, TAI was observed trading around the crucial resistance level of $0.20, surpassing the intraday low of $0.15.
The AI fund was introduced by TARS Protocol with the aim of increasing its market share in the industry. The developers announced that they will provide 10 million TAI tokens, which are currently valued at $2 million.
The company plans to invest in developers working on solutions in various sectors including Decentralized Public Infrastructure (DePin), retail products, finance, e-commerce, and others.
This announcement comes shortly after the unveiling of the TARS Incubation program by the creators, which aims to showcase Solana projects utilizing artificial intelligence (AI). TARS Protocol has also formed partnerships with major companies in the crypto industry such as Bybit, DojoSwap, and BitPanda. As part of its ByBit listing, the company intends to distribute 10 million TAI tokens to over 37,000 winners.
TARS Protocol, a new project on Solana, is focused on creating a connection between artificial intelligence (AI) and Web3 by offering a unified platform for AI-powered tools and services. This initiative comes at a time when there is a growing demand for AI solutions worldwide. Nvidia has achieved tremendous success as a $3 trillion company by providing AI semiconductors, while Apple recently became the largest company globally after introducing its Apple Intelligence features.
Several AI projects have been launched by developers, with Fetch.ai being the most prominent one. Furthermore, Fetch, SingularityNET, and Ocean Protocol are set to finalize their merger in July, forming the largest AI platform in the blockchain industry.
TARS Protocol Price Forecast
Analysis of the 4-hour chart reveals that the TAI price reached a peak of $0.2890 earlier in the week before retreating alongside other altcoins. At present, the token is consolidating around the 50-period and 25-period moving averages. The MACD’s histogram has surpassed the neutral point, and the two lines have formed a bullish crossover pattern.
Notably, TAI has formed a falling broadening wedge chart pattern, a popular bullish signal. Consequently, the token is likely to experience a bullish breakout as buyers set their sights on the all-time high at $0.2890. This outlook will be confirmed if the token surpasses the key resistance at $0.2090, which was its highest point on May 20th.
