- Summary:
- Explore Rigetti Computing's (NASDAQ: RGTI) phenomenal 1,800% rally in 2024, driven by quantum breakthroughs.
Rigetti Computing (NASDAQ: RGTI) has become a star performer in the stock market this year, with its share price skyrocketing over 1,800% in 2024. After months of consistent upward momentum, RGTI is now trading near $17.53, reflecting a mix of consolidation and bullish sentiment.
Recent price action shows some cooling off after touching a high of $19.32 as investors reassess their positions heading into 2025. Despite this, the stock has held firmly above key support levels, showcasing resilience and sustained interest from traders.
Rigetti Computing Chart Analysis
Key Support Levels
- $15.44: A crucial support level that coincides with recent consolidation and could act as a buffer if the stock faces selling pressure.
- $11.10: A deeper support level, marking the previous breakout point during its recent rally.
Key Resistance Levels
- $19.32: The most immediate resistance. A breakout above this level could lead to a retest of the $20 psychological level or higher.
- $20.00: A psychological resistance that, if broken, may signal renewed bullish momentum.
Rigetti Computing: A Quantum Leap in 2024
Rigetti’s rise comes amid a broader rally in quantum computing stocks. Fellow companies like D-Wave Quantum (NYSE: QBTS) and Quantum Computing Inc. (NASDAQ: QUBT) have also provided impressive returns this year, though they trail Rigetti. The field has garnered considerable investor attention because of its ability to transform industries with unparalleled computational capabilities.
Nonetheless, a degree of scepticism persists. Critics claim that quantum firms are profiting from speculative excitement, as their valuations significantly exceed current income sources. Expanding quantum technology for broad applications is still a major hurdle, and some think the industry’s expansion may slow down in 2025.
What’s Next for Rigetti?
As Rigetti heads into 2025, the focus will shift to execution. The company’s ability to secure more high-profile partnerships and deliver measurable results will be critical in maintaining investor confidence. Additionally, legislative catalysts, such as renewed U.S. quantum funding, could provide further tailwinds for the sector.
Currently, Rigetti serves as a key illustration of the potential of quantum computing, both in terms of its technology and its market impact. Though the swift rise of the stock prompts concerns regarding endurance, its status as a frontrunner in this innovative sector positions it as a key entity to observe in the upcoming year.