crypto-news-flash.com
- The price of the Artificial Superintelligence Alliance (FET) has shot up in the past month, reaching a three-month high due to a renewed AI token frenzy.
- Whales have been accumulating the token despite a slowdown in momentum over the past few days, indicating bullish long-term growth expectations.
Artificial Superintelligence Alliance (FET) has been one of September’s stellar performers, surging from a low of $1.0147 to clock a three-month high above $1.7 before its upward trajectory fizzled. Despite a retrace in the past few days, the long-term momentum has drawn in the whales who are accumulating at pace.
FET trades at $1.56 at press time, dipping nearly 4% in the past day. Its trading volume, however, has shot up 75% to hit $230 million. The token hit an intra-day low of $1.5309 before staging an unconvincing comeback that dwindled soon after.
$FET update!
Going for that retest and then we head up for 2$ pic.twitter.com/MqRMBBr5pR
— Bandhan Sharma Maverick Trader (@wickhunterr) September 30, 2024
Another analyst noted that FET has been trading in a five-wave structure that’s always followed by an A-B-C correction phase. We are currently in the fourth phase (as shown below) and are heading to the fifth, which is projected to take the token to $10.
Meanwhile, FET whales have been accumulating the token, unfazed by the recent retrace. Data from Santiment showed that between September 27th and 30th, addresses holding 10-100 million FET tokens added nearly 100 million tokens. At the current prices, that’s more than $150 million in inflow into the FET ecosystem. IntoTheBlock further shows that the average holding time for the token has surged 180% in the past three months, indicating that most holders remain convinced of the token’s long-term prospects.