FET, the native token of the Artificial Superintelligence Alliance, has exhibited a remarkable price surge in recent weeks. This rally has been fueled by a combination of technical breakout and increased whale activity, as evidenced by the on-chain metrics.
Technical Breakout:
- FET successfully broke out of a symmetrical triangle pattern at $1.2572, marking a significant bullish signal.
- This breakout led to a rapid price increase, surpassing the key resistance level of $1.492.
- The current price hover near another critical resistance level at $1.4954, raising anticipation for a potential further upward movement.
Whale Activity:
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- Large transactions on the FET network have spiked by 135%, indicating heightened interest from whales.
- This increased whale activity suggests that significant players are accumulating or circulating FET tokens, which can contribute to price momentum.
- The number of active addresses on the network has also seen a 24% increase, further supporting the growing interest and engagement.
Key Resistance Level:
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- FET is currently testing a key resistance level at $1.4954.
- A successful break above this level could signal a continuation of the uptrend and potentially lead to a new all-time high.
- However, a failure to break through this resistance may result in a consolidation phase.
Conclusion:
FET’s recent price surge, driven by both technical factors and increased whale activity, has created a bullish outlook for the token. If FET can successfully break above the current resistance level, it may pave the way for further gains. However, investors should remain cautious and monitor market developments closely.
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