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- FET, the native token of the ASI Alliance, is seeing intense whale activity.
- The coin is at a pivotal point, with a bull-bear influence that is hard to determine.
FET, the native coin of the Artificial Super Intelligence Alliance, has performed impressively in the past few weeks. At its peak, FET broke the descending trendline resistance, which has turned to a support level. Following the rally, the FET whale activity rose by 3,610% while testing the $1.49 resistance.
FET Tests Key Resistance Amid Spike in Whale Actions
FET’s promising rally paused after the coin encountered a barrier at the $1.49 level. Notably, on-chain flow for FET has projected huge market swings, which could either lead to a breakout or pullback. The two important indicators of FET’s current trend are a sharp spike in large transactions and surging active addresses.
IntoTheBlock data shows transactions from large investors or whales rose by 3,610%. This also indicates the entry of institutional players to the FET ecosystem. The increased activity from whale investors demonstrates confidence in the ecosystem’s prospects. It also indicates investors are positioning themselves for gains as they anticipate soaring prices for FET as it tests the $1.49 resistance.
Besides the surge in whale transactions, FET’s active addresses rose 15.52%. This metric tracks the number of unique addresses involved in transactions over a certain period. Spikes in active addresses are historically linked with increased demand, often preceding or occurring during bullish market cycles.
Therefore, the current surge in user participation on the network may indicate a growing demand for FET. This may fuel a more sustained upward movement in the coin’s price. FET currently ranks as the 27th-largest cryptocurrency by market capitalization, valued at $3.46 billion. Within the last 24 hours, FET’s price decreased by 3.9% to $1.37. The trading volume also declined by 15.5% to $104.9 million in the same timeframe.
In an earlier CNF post, one market analyst even predicted a $10 price for FET. The analyst’s prediction is hinged on FET’s correction phase, which follows historical precedence.