ASI Alliance’s FET Token Gets a Major Boost from a New $50 Million Buyback Program

• The Fetch.ai Foundation has announced a $50 million buyback program for its FET token.
• The FET token is the core asset of the newly formed Artificial Superintelligence (ASI) Alliance.
• The news has caused the FET price to rise nearly 5% as technicals show reversal signs.

As the United Arab Emirates plans to give an artificial intelligence a seat at its cabinet table by 2026, a different kind of AI revolution is consolidating power in the world of decentralized technology.

At the center of this AI revolution stands the Artificial Superintelligence Alliance (ASI), with FET from Fetch.ai as its beating heart. 

The Rise of ASI and FET’s Central Role

The Artificial Superintelligence Alliance, launched in 2024, is the result of a merger between Fetch.ai, SingularityNET, and Ocean Protocol, creating the largest decentralized AI collective in the world. Their tokens have been unified under a single ticker, $ASI, though it still trades as FET on major exchanges pending the final token swap.

Related: Which Altcoin Will Lead the Next Move—$SEI, $FET, or $AERO?

Fetch.ai, founded by Humayun Sheikh, Toby Simpson, and Thomas Hain, leads with autonomous agents that can transact and optimize tasks without human intervention. bringing AI into real-world, enterprise-grade applications.

A $50 Million Vote of Confidence

Fueling the bullish sentiment around the project, a massive $50 million buyback of FET tokens was recently initiated. According to HOSS_ibc on X, a massive $50 million buyback of FET signals deep confidence from the team as they transition into Phase 2 of ASI, boosting FET’s utility across chains.

Such a significant buyback is a powerful signal from the project’s leadership, reflecting a strong belief in the token’s future value, especially with approximately 65% of its total 2.63 billion supply already in circulation.

Technical Outlook: Reversal Brewing for FET?

According to the data from CoinMarketCap, FET currently trades around $0.688, rebounding from the local low at $0.71. The digital asset is up almost 5% in the past 24 hours, hinting at a price surge. 

The Fibonacci retracement levels, drawn from the recent high of $0.991, show potential bullish targets at 0.786 Fib (0.931), 1.618 extension (1.165), 2.618 extension (1.446), 3.618 extension (1.727), and 4.236 extension (1.901).

The MACD remains in bearish territory but is converging, with the signal line nearing a crossover, hinting at possible bullish momentum. 

Related: Can $RENDER, $TAO, and $FET Outrun the AI Hype Cycle?

Meanwhile, the RSI sits at 44.86, just below the neutral zone, signaling that FET is oversold but stabilizing. If bulls reclaim the $0.75–$0.80 zone, a retest of the $0.93–$1 level could follow swiftly, potentially triggering a rally toward $1.16 and beyond.