Artificial Superintelligence Alliance [FET] has recently seen a 7.65% price surge, hitting $1.88. This positive movement was accompanied by significant growth in both trading volume and market capitalization.
The trading volume spiked by 21.28% to $708.66 million, while the market capitalization increased by 7.65%, resulting in the cryptocurrency being valued at $4.58 billion.
As per CryptoCrypto’s analysis, this upswing could mark the beginning of sustained growth for FET, with anticipations of further momentum in the upcoming days.
FET Setting the Stage for Potentially Hitting Double-Digit Values
Analysts have painted a bullish picture for FET as the asset operates within an ascending triangle pattern, suggesting that FET might have two immediate targets: $3 and $5. These levels are likely points where profit-taking actions could occur in the market.
Looking ahead, experts forecast that FET could ascend even higher, potentially exceeding the $10 threshold. This projection signals a substantial increase from its current standing.
Experts predict that by 2025, FET could reach double-digit values.
The prevalent market sentiment is predominantly bullish, with major investors, commonly referred to as whales, playing a significant role in driving this positive outlook for FET.
Whales Contributing to FET’s Ongoing Surge
Data from IntoTheBlock unveiled a noticeable increase in whale activity propelling FET’s recent market trajectory.
There has been a considerable uptick in the number of large transactions, with 150 significant transactions recorded in the past 24 hours. Additionally, the average transaction size has escalated significantly, reaching $29,168.51 according to the 7-day moving average.
This surge in average transaction size indicates that substantial investors, i.e., whales, are likely the driving force behind the current market movements, with a strong focus on FET as the favored asset.
If whale interest continues to be robust and positive for FET, the asset is expected to sustain its bullish path.
Increasing Bullishness Among FET Holders
Besides whales, smaller holders are also exhibiting bullish sentiment towards FET. According to data from IntoTheBlock, 82% of FET holders are currently in profit at the prevailing price, while 14% are at a loss, and 5% are breakeven.
When a larger fraction of holders is profiting, it creates an impetus for the asset to maintain its upward trend. Therefore, price declines are likely to be viewed as temporary pullbacks, with the overall upward trend expected to continue.
If this trend persists, the possibility of FET achieving double-digit values in the short run is indeed feasible, even though there might be intermittent fluctuations along the journey.