Date: Wed, May 21, 2025 | 07:38 AM GMT

The cryptocurrency market has mounted a solid comeback in recent weeks, with Ethereum (ETH) continuing to lead the charge. ETH has surged more than 56% in the past month and is now trading near $2,550 — a level not seen since late February. This bullish momentum is uplifting sentiment across altcoins, including Artificial Superintelligence Alliance (FET).

FET has posted monthly gains of over 30%, and now a potential emerging technical structure could be the key to decoding its next move.

Source: Coinmarketcap

Elliott Wave Impulse Pattern Signals More Upside

On the daily chart, FET appears to be forming a classic 5-wave Elliott Impulse pattern — a bullish technical setup that typically signals the continuation of a strong uptrend. So far, this structure has lifted $FET by around 42% from its initial breakout point in April.

Wave 3 peaked at approximately $0.91, where the token faced some selling pressure and corrected back to $0.70. This move carved out Wave 4, a healthy 23% pullback that helped reset indicators and cool off short-term overbought conditions. Interestingly, this retracement held firmly above the 100-day moving average — currently acting as a strong support near $0.70 — and the price has already started to bounce from this level.

FET Daily Chart/Coinsprobe (Source: Tradingview)

FET is now trading around $0.78, hinting at the early stages of Wave 5 — the final leg in the Elliott pattern, which often delivers a powerful rally before a larger consolidation phase begins.

If the current structure continues to unfold according to plan, Wave 5 could push FET toward $1.04 — roughly a 50% gain from where the token currently stands. This target coincides with the 1.27 Fibonacci extension level from the Wave 2 to Wave 4 move, which often acts as a magnet in strong bullish trends.

Market structure aside, FET holding above the $0.70 region is crucial. This area is now a key support, and any sustained breakdown below it could invalidate the bullish setup. Should that happen, the next significant level to watch would be the 50-day moving average near $0.63.

What’s Next for FET?

FET appears to be at a critical moment. The current chart pattern suggests that the token could be entering Wave 5 — the final push of a bullish Elliott Wave cycle — with a possible target at $1.04 if momentum continues.

However, investors should keep an eye on broader market cues, especially Ethereum (ETH). Since ETH continues to drive sentiment across the altcoin space, its next move could strongly influence whether FET breaks out or loses steam.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.