The AI coins have went through a topsy-turvy phase lately, amid a volatile scenario in the broader crypto market. In addition, the recent crash in the Nvidia stock has further dampened the market sentiment, causing a massive selloff in both the stock and crypto markets. However, a recent bullish outlook on NVDA stock price has fueled hopes over a potential rebound in the artificial intelligence-related tokens.
Analysts Remain Bullish On Nvidia Stock
The investors are keeping a close track of the AI coins, given the recent slump in the sector. Notably, the financial market has faced immense selling pressure this week, after reports emerged that US DOJ has issued a subpoena on Nvidia. The news caused a 10% drop in the NVDA stock price on Tuesday while weighing on the top AI tokens.
However, on Thursday, Nvidia refuted the claims of the DOJ’s subpoena, bolstering the market confidence. In addition, a spokesperson of the firm also said that the company would actively cooperate with the regulators if and whenever required, further boosting the investors’ confidence.
Amid this, Bank of America has reiterated its bullish stance on the company’s stock. The BofA analysts have maintained their buy rating for NVDA stock, reiterating a price target of $165, citing the “compelling growth” potential of the firm.
The analysts noted that despite the short-term challenges, the company’s stock remains attractive for investors. In addition, the recent dip in its price will further provide buying opportunity to the investors.
Meanwhile, the analysis also highlights the high demand for the company’s AI chips, which is likely to grow in the coming days. Simultaneously, the recent robust Nvidia earnings results have also fueled market sentiment, making its stock a favorite for many.
AI Coins To Rally?
The recent bullish outlook has fueled discussions over a potential recovery in the AI coins sector. Although the sector is still in the red, amid a broader market downturn today, these latest developments are likely to boost the market sentiment.
For context, AI-related crypto usually follows the movement of the big AI firms. In other words, any positive developments in technology, especially in the artificial intelligence sector, tend to boost the prices of these tokens.
As of writing, the top AI coins like NEAR, ICP, and FET, have traded in the red in the last 24-hour timeframe. However, over the past hour, NEAR price was up 0.68% to $3.78, while FET price rose 1.24% to $1.09. Simultaneously, ICP price noted a surge of 0.98% to $7.33.
At the same time, NVDA stock noted gains of 1.02% and exchanged hands at $107.2501, wiping off some of its recent losses. Notably, the stock closed at $106.21 on Wednesday.
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