Here’s why ChainOpera AI price soared over 600%?

ChainOpera AI price has gone parabolic in the past 24 hours, hitting an all-time high of $2.82 on Oct. 6 before cooling off as traders locked in profits.

According to data from crypto.news, ChainOpera AI (COAI) shot up 642% to an all-time high of $2.82 before settling at $1.94. At this price, the token still remains 850% over the last 7 days, with its daily volume up by 1,200% to over $423 million. Its market cap has soared to $387 million with a circulating supply of around 196 million COAI tokens.

There are two main reasons why the token has surged lately.

First, Aster, one of the biggest players in the perpetual DEX industry and Hyperliquid competitor, announced it had listed COAI on the platform. The listing enhanced the token’s visibility to a new base of investors who can now trade it with up to 5X leverage.

The token’s earlier listing on crypto exchange Bybit may also be supporting its recent gains. Additionally, it has secured support on Binance Alpha, with the potential for a full spot listing on the main Binance exchange in the future, a development that could further boost its price over time.

The second major catalyst driving COAI’s gains is the broader surge in AI-related tokens, which kicked off after news broke that AMD is teaming up with OpenAI. The chipmaker will be supplying chips to OpenAI while the ChatGPT parent company is taking an equity stake in AMD.

Such a partnership is bullish for ChainOpera AI as it validates the importance of intelligent compute networks, exactly the space ChainOpera is building in. With a suite of AI-driven products on the BNB Smart Chain, the project is uniquely positioned. 

Its AI terminal connects users to a wide network of community-built agents through the AI Agent Social Network, making interactions between agents more collaborative and dynamic. Developers can build their own AI agents using a platform similar to Virtuals Protocol, and everyday users can interact with AI via a native chat interface that echoes the experience of ChatGPT or Grok.

After the latest rally, technicals have turned largely bearish for COAI as the token has invalidated a bullish flag pattern on the hourly chart. 

A bullish flag is generally seen as a continuation pattern, where price consolidates in a downward-sloping channel after a strong upward move, before eventually breaking out to the upside. 

However, in COAI’s case, the price broke below the lower trendline of the flag, invalidating the setup. 

Such price action often shakes trader confidence, prompting short-term bulls and momentum traders to take profits and adopt a more defensive stance, as an asset typically enters a period of sideways consolidation or a deeper correction if it fails to confirm a bullish flag breakout.

At the same time, MACD has slipped below the signal line, with red histograms steadily building up, while the Aroon Down sits at a steep 92.86% and the Aroon Up lags at just 35.71%, serving as another telling sign that upward strength has weakened considerably.

However, the bearish setup could be partly offset by the RSI returning to neutral levels, which often indicates that selling momentum has cooled and the market is entering a more balanced phase. 

This could give the token some room to stabilise as traders reassess short-term direction before the next decisive move.

For now, $1.80, which coincides with the 50% Fibonacci retracement level, stands as the immediate downside support for the token, while on the upside, the resistance level to beat sits at $2.60. A decisive break above this point could open the door for a recovery back to $2.82, its Oct. 6 high.