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.

Artificial Super Intelligence Alliance’s (ASI) native coin, FET, has seen a promising rally in recent weeks. The coin notably broke through a descending trendline resistance, which has now become a support level.

Following this rally, FET whale activity has surged by 3,610% as the coin tests the $1.49 resistance.

FET Tests Key Resistance Amid Spike in Whale Actions

FET’s promising rally has paused after the coin encountered a barrier at the $1.49 level. On-chain flow for FET has projected huge market swings, which could either lead to a breakout or pullback. Two important indicators in FET’s current trend are a sharp spike in large transactions and surging active addresses.

According to IntoTheBlock data, transactions from large investors, or whales, rose by 3,610%. This also indicates the entry of institutional players into the FET ecosystem. Increased activity from whale investors demonstrates confidence in the ecosystem’s prospects.

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 by 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, which could 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.

What’s Next for FET Price

The next few days are crucial for the market participants as FET continues to test the $1.49 resistance. If the token breaks past this resistance level, FET could see a new rally. However, if it fails to close above this point, the coin may see a short-term correction.

While FET’s 3,610% rise in large transactions and active addresses hints at growing optimism, the $1.49 resistance remains a key obstacle.

However, ongoing ASI Alliance developments could ignite a bullish rally for FET. For instance, the ASI Alliance recently welcomed CUDOS, a Decentralized Physical Infrastructure Network (DePIN) compute for AI.

As CNF covered, ASI will utilize CUDOS’s cloud model, which offers greater scalability, cost-efficiency, and flexibility than traditional centralized systems. As ASI continues to form more strategic partnerships and perform periodic upgrades, more investors could find FET to be more appealing, which could lead to uptrends for FET.

In a previous CNF report, a market analyst even predicted a $10 price for FET. The analyst’s prediction is based on FET’s correction phase, which follows historical precedence.