Why Artificial Superintelligence Alliance (FET) Soared 75% in a Month: Key Drivers Behind the Surge
Artificial intelligence-related tokens are on fire, with many seeing double-digit gains after the US Federal Reserve’s 50 basis-point rate cut. Leading the pack is Artificial Superintelligence Alliance (FET), a partnership between Fetch.ai, Ocean Protocol, and SingularityNET, which surged 15% in the last 24 hours, pushing the FET token to $1.54 as of Sept. 19.
Let’s explore the main factors driving FET’s impressive rally:
AI-focused tokens have seen explosive growth in 2024, boosted by ongoing AI developments and Nvidia’s stellar stock performance. FET’s recent rally aligns with Nvidia's 5.25% stock surge, demonstrating the sector’s strong correlation.
Adding to the momentum is an upcoming governance vote on whether Cudos, an AI computing platform, will join the Artificial Superintelligence Alliance. This decision, scheduled between Sept. 19 and 24, could significantly expand the alliance’s capabilities, generating further investor interest.
FET’s year-to-date rise of 108% and a 558% gain over the past 12 months vastly outperform Bitcoin’s 49% and Ether’s 6.7% YTD growth. Traders are increasingly bullish on FET’s market structure, with the token recovering from a low of $0.70 in August, surging over 120% since.
FET’s breakout from a multi-month downtrend has caught the attention of top crypto analysts. Analysts like Rekt Capital and Nebraskangooner note that FET's price is forming bullish patterns, including an inverse head-and-shoulders setup. If FET holds key support levels, it could hit $2.30, marking a 50% increase from current levels.
With shifting market structures and key governance decisions on the horizon, the FET token remains a hot watch for traders eyeing the next AI-fueled breakout.
