The Artificial Superintelligence Alliance token, known as FET, has demonstrated significant progress during this period of bullish momentum, with a remarkable 82% of holder addresses currently showing profits.
Benefiting from favorable market conditions and robust technical setups, FET has garnered increasing investor trust, leading to its recent surge.
This upward trend is reinforced by a notable decline in selling pressure, as indicated by minimal net deposits on exchanges when compared to the 7-day average.
The decrease in deposits on exchanges suggests that many investors are opting to hold onto their positions, laying a solid foundation for potential future price advancements.
This reduced selling activity has enabled FET to sustain its upward momentum.
Surge in FET’s Open Interest
Adding to the positive outlook for FET is a significant rise in Open Interest levels, hitting its peak since late March, a time when the token achieved its all-time high.
Increased Open Interest typically signifies heightened trader participation and often indicates a bullish sentiment prevailing in the market.
With diminishing selling pressure and growing interest in the cryptocurrency space, FET appears to be gearing up for a potential breakout in price.
Breaking Through Critical Resistance at $1.85
FET’s technical performance has been particularly impressive, notably breaking out of a bullish pennant pattern and surpassing the crucial resistance level of $1.85.
Such breakouts commonly signal the start of a notable rally, with the next major resistance level standing at $3.45, prompting speculation among analysts about FET’s potential to breach the $3 mark by year’s end.
With a combination of robust on-chain metrics and bullish technical indicators, FET emerges as a prominent altcoin to watch.
The reduced selling pressure, increased open interest, and recent breakout collectively suggest further potential gains in store for FET.