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The Artificial Superintelligence Alliance (FET) has experienced significant growth, with the market recovering to pre-September levels. According to CoinGecko, the native token of the merger, FET, has surged by 30% in the past week, indicating a substantial increase in investor confidence.
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This positive trend can be attributed to various on-chain developments and a bullish market sentiment, especially as major cryptocurrencies like Bitcoin and Ethereum have successfully returned to sustainable levels. Given these circumstances, investors might continue to see gains in the coming weeks.
On-Chain Developments Fuel Growth For FET
On September 13, Fetch.ai unveiled Synergy, a proposed project by Fetch’s Innovation Lab intern Kush Agarwal. This initiative aims to integrate the platform’s AI technology into the manufacturing industry. Although further details are yet to be disclosed, Synergy is designed to enhance efficiency within manufacturing plants by utilizing Fetch’s AI agents to perform various tasks.
According to the announcement, the scalability of Synergy is vast, though its definitive impact on the manufacturing sector remains to be seen. A mid-year Technology Review by MIT revealed that 35% of the 300 manufacturers surveyed have already incorporated AI into their operations, demonstrating a growing trend towards AI integration.
In addition to Synergy, Fetch.ai has secured a partnership with GameSwift, a compute-focused AI platform dedicated to promoting the mass adoption of Web3 gaming. Through this partnership, GameSwift users can earn rewards by lending their computing power for AI advancements, with an additional goal of expanding Fetch’s gaming sector. GameSwift’s initial objective is to develop a marketplace for users to trade their computing power.
FET’s market capitalization currently stands at $3.5 billion, according to TradingView. Another positive indicator for investors is the proposal to integrate CUDOS, a blockchain cloud-computing protocol, into the ASI through a token merger. This integration aims to enhance the Alliance’s computational resources and strengthen its position as a leading platform for decentralized AI, AGI, and ASI initiatives.
FET Attempts Breakthrough On $1.4 Resistance
As of now, FET’s overwhelmingly bullish sentiment across all timeframes provides the bulls with sufficient momentum to attempt a breakthrough at the $1.4 resistance level. Supported by positive on-chain developments, the token may be on the verge of converting this resistance into a support level in the coming days.
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However, the relative strength index of the token indicates that the bulls are exhausted, with limited room for continued bullish momentum. This suggests a potential slight retracement in the near future. Given FET’s high correlation with major cryptocurrencies, any movement by Bitcoin and Ethereum could also influence FET’s trajectory in the coming days.
