Artificial Superintelligence Alliance [FET] stands at a crucial juncture as the alternative coin challenges a vital resistance threshold at $1.49. The coin has embarked on an upward trajectory following its breakthrough of the descending trendline resistance, which has now transformed into a support level.
Despite the optimistic rally, FET has encountered a roadblock at the $1.49 mark, impeding its bullish momentum. The on-chain activity for the coin indicates substantial market changes, potentially resulting in a breakout or a pullback.
According to CryptoCrypto’s assessment, the significant indicators highlighting FET’s current status include a notable surge in large transactions and a parallel increase in active addresses.
Remarkable Surge in Large Transactions: 3,610% Increase
One of the most notable developments is the staggering 3,610% rise in large transactions. Such a substantial escalation suggests that institutional or major investors are starting to show interest in the ecosystem.
Overall, the recent actions by whales indicate a confidence boost in the token’s future performance.
The rapid surge in growth indicates investors positioning themselves for potential gains, especially with FET challenging the $1.49 resistance level.
Source: IntoTheBlock
15.52% Surge in Active Addresses for FET
Another positive sign for FET is the 15.52% increase in active addresses.
Typically, this metric monitors the number of unique addresses participating in transactions within a specific period.
An uptick in active addresses typically indicates growing user engagement and interest. In FET’s case, this uptrend signifies more users engaging with the token, providing added momentum to its price performance.
Source: IntoTheBlock
Future Prospects for FET
With FET persistently challenging the $1.49 resistance level, the upcoming days will be pivotal for market participants. A breakthrough past this resistance could signal a forthcoming rally.
However, failure to surpass this threshold may lead to a temporary corrective phase.
The substantial growth in large transactions and the uptick in active addresses reflect escalating optimism for FET, yet the resistance at $1.49 remains a critical hurdle.