The Artificial Superintelligence Alliance, known as FET, recently saw a 7.65% surge in price, hitting $1.88. This positive movement was accompanied by significant growth in trading volume and market capitalization.
Trading volume spiked by 21.28% to $708.66 million, while market capitalization increased by 7.65% to value the digital asset at $4.58 billion.
As per data from CryptoCrypto, this uptrend could signal the beginning of a sustained growth phase for FET, with expectations of further upward momentum in the days ahead.
FET Poised for Double-Digit Growth
A cryptocurrency analyst has outlined an optimistic outlook for FET as the asset trades within an ascending triangle pattern.
The ascending triangle pattern, also referred to as an ascending channel, arises when the price oscillates between a horizontal resistance line and a diagonal support line.
Presently, FET has broken above the resistance level, setting the stage for sustained upward movement.
The analysis indicates that FET has two foreseeable short-term targets: $3 and $5, levels expected to coincide with profit-taking activities in the market.
In the long run, analysts predict that FET could potentially surge even higher, surpassing the $10 threshold, indicating a substantial increase from its current valuation.
He mentioned,
“FET to hit double digits by 2025.”
CryptoCrypto highlighted that the prevailing market sentiment leans towards optimism, with significant investors, or whales, playing a pivotal role in fueling positive expectations for FET.
Whales Boost FET’s Ongoing Surge
Data provided by IntoTheBlock revealed a notable influx of whale activity propelling FET’s recent market movements.
Notably, there has been a considerable uptick in large transactions, with 150 significant transactions recorded in the past 24 hours.
Moreover, the average transaction size has increased, with the 7-day moving average now standing at $29,168.51.
This surge in average transaction size suggests that substantial investors, or whales, are likely behind the current surge, with a keen focus on FET.
With continued strong whale interest and positivity surrounding FET, it is anticipated that the asset will maintain its bullish trajectory.
Growing Bullish Sentiment Among More FET Holders
Optimism for FET isn’t limited to whales; smaller holders are also displaying bullish sentiment.
Based on data from IntoTheBlock indicating the number of tokens in profit at the current price, 82% of FET holders are in profit, while 14% are at a loss, and 5% are at a breakeven point.
When a higher percentage of holders are in profit, it incentivizes the asset to sustain its upward trajectory.
In this scenario, any price declines are likely viewed as temporary pullbacks, with the broader upward trend expected to persist.
If this trend endures, reaching the double-digit milestone for FET in the near future seems achievable, albeit with potential short-term fluctuations along the journey.