FET Rallies 30% As New Developments Roll Out

The Artificial Superintelligence Alliance (FET) has gained ground after the market returned to pre-September levels. CoinGecko notes that FET, the native token of the merger, has risen by 30% since last week, representing a huge jump in investor sentiment. 

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This was due to several on-chain developments this week, supported by an even greater bullish market sentiment as major cryptocurrencies like Bitcoin and Ethereum successfully returned to sustainable levels. With this in mind, investors might continue to face gains in the coming weeks. 

On-Chain Developments Fuel Growth For FET

Back on September 13, Fetch.ai announced Synergy, a proposed project by Fetch’s Innovation Lab intern Kush Agarwal, which will integrate the platform’s AI tech into the manufacturing industry. Although no further details have been announced like whether the project received a green light for development, Synergy works by utilizing Fetch’s AI agents to perform a variety of tasks inside a manufacturing plant, increasing efficiency. 

Another amazing product developed in our Innovation Lab by one of our interns, Kush Agarwal!🚀

Check out Synergy.👀

Synergy harnesses the power of #AI to make the global manufacturing industry more efficient.

Stay tuned for more projects coming out of our Innovation Lab!🤯… pic.twitter.com/6EQh8GY2QX

— Fetch.ai (@Fetch_ai) September 13, 2024

According to the X post, the scalability of the proposed project is nearly infinite, but whether it will have a definite effect on the manufacturing industry is up for debate. In MIT’s mid-year Technology Review, 35% of the 300 manufacturers they surveyed have already integrated AI into their workflow, representing 105 manufacturers. 

Fetch also secured a partnership with GameSwift, a compute-focused AI platform that aims to “drive the mass adoption of Web3 gaming”. The partnership is simple, users on GameSwift earn by lending their computing power for AI advancement with a side goal of expanding Fetch’s gaming sector. As of writing, GameSwift’s first goal is to create a marketplace for users for their computing power.

Another bullish signal for investors is the proposal to add CUDOS, a blockchain cloud-computing protocol, to the ASI through a token merger. In the proposal, the ASI stated that adding CUDOS to the alliance will “scale the Alliance’s computational resources but also fortify its position as the leading platform for decentralized AI, AGI, and ASI initiatives.” 

FET Attempts Breakthrough On $1.4 Resistance

As of writing, FET’s overwhelmingly bullish sentiment on all timeframes gives the bulls enough momentum for an attempted breakthrough on the $1.4 resistance level. Supported by positive on-chain developments, the token might be poised to flip this resistance to support in the coming days. 

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However, the relative strength index of the token signals that the bulls are exhausted with little to no room to continue the bullish steamroller. This may hint at a slight retracement in the coming days. With FET’s relatively high correlation with the major cryptocurrencies, it can also be influenced by any movement made by Bitcoin and Ethereum in the coming days. 

Featured image from Pexels, chart from TradingView