Artificial Superintelligence Alliance [FET] finds itself at a critical juncture as the altcoin challenges a key resistance level at $1.49. Following the breakout from the descending trendline resistance, which now acts as a support level, FET has been experiencing a bullish momentum.
Despite the strong rally, FET has encountered a hurdle at the $1.49 mark, causing a temporary pause in the bullish trend. On-chain data suggests significant market changes are imminent, potentially leading to a breakout or a pullback.
Analysis by CryptoCrypto highlights the key indicators pointing towards FET’s current status, which include a notable surge in large transactions and a significant increase in active addresses.
Enormous Spike in Large Transactions by 3,610%
Of particular significance is the dramatic uptick in large transactions, soaring by a staggering 3,610%. Such a substantial increase indicates that institutional or major investors are showing growing interest in the ecosystem.
The recent whale activity is a clear indicator of confidence in the token’s future performance.
The rapid escalation in transaction volume suggests investors are strategically positioning themselves to capitalize on potential gains, especially as FET tests the $1.49 resistance level.
Source: IntoTheBlock
Rise in FET Active Addresses by 15.52%
Another positive aspect for FET is the 15.52% uptick in active addresses.
This metric typically reflects the number of unique addresses involved in transactions over a specific period.
An increase in active addresses is indicative of growing user interest and involvement. With more users participating in trading or utilizing the token, this rise adds momentum to the coin’s price movement.
Source: IntoTheBlock
What Lies Ahead for FET?
With FET continuously challenging the $1.49 resistance level, the upcoming days will be critical for market participants. A successful breakthrough past this resistance could signal a new rally in the making.
However, failing to secure a close above this level might result in a short-term correction.
While the substantial surge in large transactions and the uptick in active addresses showcase growing optimism, overcoming this resistance barrier remains a significant challenge.