The price forecast for the Artificial Superintelligence Alliance [FET] has shown significant growth recently. Following a breakout from a symmetrical triangle resistance level at 1.2572, FET experienced an impressive 18% surge.
Breaking through the critical resistance level at $1.492 further emphasized the strong bullish sentiment prevailing in the market.
Currently, the token is hovering near another crucial resistance level at $1.4954, prompting speculation among market participants about its potential for further upward movement.
Rise in Whale Activity
The surge in FET’s price is supported by positive on-chain metrics. Large transactions on the FET network have increased by 135%, indicating a rise in whale activity.
Elevated levels of high-value transactions suggest that significant players are either accumulating or circulating tokens, potentially driving price momentum.
In addition to the surge in whale activity, the number of active addresses has also spiked by 24%, demonstrating increased interest and engagement within the network.
While this indicates market strength for FET, the uptick in whale activity and network participation comes with its own set of implications.
Testing Crucial Resistance Levels
Despite the surge in trading activity, FET is currently testing a key resistance level at $1.4954.
A breakthrough above this level could be pivotal in sustaining the token’s upward trend.
With the surge in whale activity and the growing number of active addresses, FET appears to have the momentum to surpass this resistance, potentially leading to further price gains.
If FET manages to close above $1.4954, it could set the stage for continuous upward momentum towards a new all-time high, driven by robust on-chain metrics.
On the contrary, a failure to break higher could result in a consolidation phase for the token.