The artificial intelligence (AI) crypto sector has posted significant gains

This surge is largely driven by strong price increases in top tokens such as Bittensor (TAO), Artificial Superintelligence Alliance (FET), Near Protocol (NEAR), Internet Computer (ICP), and Render (RENDER).

The artificial intelligence (AI) crypto sector continues to heat up, with the total market cap for AI-linked altcoins now exceeding $41 billion. This surge is largely driven by strong price increases in top tokens such as Bittensor (TAO), Artificial Superintelligence Alliance (FET), Near Protocol (NEAR), Internet Computer (ICP), and Render (RENDER).

As Bitcoin edges closer to breaking above the $105,000 mark, investor interest in AI-infused blockchain projects is rapidly escalating.

TAO (Bittensor): Analyst Predicts $62,500 by 2030

TAO has been a standout performer, rising 3.3% in the last day and nearly 27% over the past week. At a major crypto summit in Austin, Contango Digital founder Mike Grantis boldly predicted that TAO could trade above $62,500 by 2030.

The Intelligence Revolution by @mikecontango. By 2031, $TAO will be $62,500. Mike presents his case for why Bittensor will spearhead a transformation comparable to the Industrial Revolution.

This is just the beginning. We're still early.https://t.co/8a56rW6z9xpic.twitter.mentedeconomy.com/zeOPiNyUkz

— M (@M_aryM) May 8, 2024

This would mark a gain of more than 13,000% from current levels, considering TAO is trading around $467 at the time of writing.

Grantis’s analysis focuses on Bittensor’s decentralized network, which directly incentivizes machine learning. This sets it apart from Bitcoin, whose earlier gains were largely driven by a store-of-value narrative.

With over 100 functioning AI subnets, growing interest from developers, and clear signs of real-world utility, some see Bittensor as having the kind of long-term growth runway that could dwarf earlier crypto cycles.

FET (Artificial Superintelligence Alliance): Technical Indicator Hints at Breakout from Pennant

FET, the token for Artificial Superintelligence Alliance, saw a nearly 9% gain in 24 hours to reach $0.8786. Technical indicators suggest that the long-term uptrend remains in place, with the price consolidating inside a bullish pennant pattern.

Analyst Crypto Kindle notes that the token is now testing the upper boundary of this pennant, which could be pivotal.

$FET Monthly

The Monthly #FET chart is dynamite:

• Macro uptrend dating back 5 years held as support, confirming once again the long-term bull trend.

• Price is coiling up into a Bullish Pennant. When this chart breaks out, look out.

• Next major zone to test is Monthly 1.50, a crucial level. If we break above this zone, we could either retest the 0.80 zone or enter a full-blown altseason rally toward the previous all-time highs. A new bull market usually brings in 3-5x gains from the previous cycle lows.

The lower zone is at 0.40, which was hit during the March 2023 crypto crash. If the token drops below this zone, it could indicate a return to bear market conditions. However, given the token's performance over the past year, it seems unlikely that the token will drop below this zone anytime soon.

This level coincides with the 20-week EMA, adding another layer of technical support. A breakout above this zone could pave the way for a rally toward the $1.50 monthly resistance, a level that has been tested several times in the past.

Near Protocol (ICP): Institutional ETF Filing and AI Integration Drive Interest

Near Protocol (NEAR) rose more than 5% to reach $3.23. A significant driver for NEAR was the May 7th news that Bitwise filed for a spot NEAR ETF with the SEC.

This marks the first such ETF filing for a Layer 1 blockchain after Ethereum and Solana, immediately positioning NEAR as a contender for serious institutional inflows.

This is huge:

- Bitwise just filed for a spot NEAR ETF with SEC on May 7th

The first Layer 1 after ETH / SOL to get institutional backing. Could bring in large-scale capital to NEAR.

- Protocol V77 upgrade dropped yesterday, May 8th.

- Chain Signatures (no more vBTC / vETH!)

ICP also had a good run recently, and they're showcasing their new AI integration efforts at an upcoming conference. Both protocols are performing well despite the broader market volatility. Despite this, be sure to conduct thorough research before making any investment