The Artificial Superintelligence Alliance (FET) has made significant progress as the market has rebounded to levels not seen since before September. CoinGecko highlights that FET, the native token from the merger, has surged by 30% since last week, indicating a notable shift in investor confidence.
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This uptick was triggered by various on-chain developments this week, fueled by an even stronger bullish market sentiment as major cryptocurrencies like Bitcoin and Ethereum successfully returned to stable ranges. With this in perspective, investors might continue to witness profits in the upcoming weeks.
On-Chain Developments Driving FET Growth
On September 13, Fetch.ai unveiled Synergy, a project proposed by Fetch’s Innovation Lab intern Kush Agarwal, which aims to incorporate the platform’s AI technology within the manufacturing sector. Although further details regarding the project’s approval for development are pending, Synergy intends to utilize Fetch’s AI agents to carry out an array of tasks in manufacturing facilities, thereby boosting operational efficiency.
Another incredible product developed in our Innovation Lab by one of our interns, Kush Agarwal!🚀
Discover Synergy.👀
Synergy harnesses the potential of #AI to enhance efficiency in the global manufacturing sector.
Stay tuned for more innovation from our Innovation Lab!🤯… pic.twitter.com/6EQh8GY2QX
— Fetch.ai (@Fetch_ai) September 13, 2024
The scalability of the proposed initiative is reported to be nearly limitless, though its lasting impact on the manufacturing landscape remains uncertain. According to MIT’s mid-year Technology Review, 35% of the 300 manufacturers surveyed have already incorporated AI into their operations, which equates to 105 manufacturers.
Fetch has also established a partnership with GameSwift, a computing-centric AI platform aiming to “catalyze the mass adoption of Web3 gaming.” The partnership allows users on GameSwift to earn by offering their computing power for AI development, with a concurrent goal of expanding Fetch’s gaming division. As of now, GameSwift’s inaugural aim is to create a marketplace for users to leverage their computing resources.
Another encouraging signal for investors is the proposal to integrate CUDOS, a blockchain cloud-computing protocol, into the ASI through a token merger. The ASI indicated in the proposal that the addition of CUDOS will “enhance the Alliance’s computational capabilities and solidify its position as the foremost platform for decentralized AI, AGI, and ASI initiatives.”
FET Aims for Breakthrough at $1.4 Resistance
As of this writing, FET’s overwhelmingly optimistic sentiment across all timeframes supplies the bulls with enough momentum to attempt a breakthrough at the $1.4 resistance level. Underpinned by favorable on-chain developments, the token may be ready to convert this resistance into support shortly.
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Nevertheless, the relative strength index of the token suggests that the bulls may be running low on steam with minimal room to maintain the bullish trend. This might signal a slight pullback in the near future. Due to FET’s relatively strong correlation with major cryptocurrencies, it could also be affected by any movements made by Bitcoin and Ethereum in the days ahead.
Featured image from Pexels, chart from TradingView
