Fetch.ai (FET) and Injective (INJ) defied the current bearish markets with significant price increases over the past day.
Monday’s X post from Injective about “something brewing” with Fetch.ai catalyzed recoveries for the altcoins within the last 24 hours.
Something is brewing…$FET $INJ pic.twitter.com/mQdYoZIIfT
— Injective 🥷 (@injective) June 24, 2024
Injective’s post feature the company’s logos with a wavy line connecting them. That indicates an exchange of data between the duo.
Despite the few details, crypto enthusiasts interpreted the image as signaling a strategic partnership between Injective and Fetch.ai.
Market response
While the community awaits further details on the planned alliance, Injective’s post attracted speculations.
The development comes as players await the upcoming merger between Fetch.ai, Ocean Protocol, and SingularityNET, into the ASI token.
One player questioned whether FET developers have shifted from the anticipated ASI token merger and opted to work with Injective.
OMG $fet team had change of heart and is merging with $inj instead of the other two 😵😵
— Pinkee (@ordinary_Dave_K) June 24, 2024
FET and INJ’s current price actions
The speculations that emerged saw the associated tokens recovering from Monday’s slump.
FET climbed to $1.70 from $1.42 following the Injective’s post, gaining 19.72% on its daily chart.
Fetch.ai traded at $1.67 at press time, with daily trading volume up 85% to $282.5 million.
Altcoin INJ displayed a similar performance as it gained 14.59% over the last 24 hours to trade at $23.11 during this writing.
FET & INJ 1D Charts on Coinmarketcap
Besides the Injective-induced recovery, AI-related tokens such as AGIX, ARKM, and OCEAN recorded bullish moves over the past week.
AGIX gained 37% on its 7-day chart, while ARKM and OCEAN soared 28% and 35% in that timeframe.
The performance likely drew attention as the broad market recorded losses over the last seven days.
Bitcoin and Ethereum dropped 6.5% and 1.25% in the past week.
AGIX, FET, and OCEAN have stayed on the investor radar due to the upcoming merger, potentially contributing to their upside stance.
The trio looks ready to maintain robust momentum in the upcoming sessions.
Analyst Posty displayed confidence in FET’s recovery as “the chart isn’t looking too bad.”
$FET
Can’t believe I’m saying this but the chart isn’t looking too bad here…
Yesterday we seen a higher low form and now the question is, can we follow up with a higher high?
Currently facing local resistance at $1.70. From here to $1.95 it’s a bit of an ugly zone but it’s a… pic.twitter.com/x0lYNwBFiN
— Posty (@PostyXBT) June 25, 2024
Fetch.ai printed a higher low, and Posty expects a smooth sail toward $1.95 if FET overcomes the resistance zone at $1.70.
Further, Injective’s staking data shows confidence about the altcoin’s future performance.
Over 58M $INJ staked!!!
A clear fact that we are not playing here at @injective
🥷. pic.twitter.com/EqjWdWjRI3
— John Innocent 🥷 (@SacrosancCrypto) June 23, 2024
INJ investors have staked more than 58.44 million tokens, painting an optimistic picture for the token.
Bitcoin’s recovery from its current downbeat mood will boost FET and INJ’s revivals to record highs.
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