The Artificial Superintelligence Alliance [FET] has experienced a notable 20% upswing after testing the crucial $1 support level.
This particular price point, established during the inauguration of Trump, has once again demonstrated its resilience.
At present, FET’s price is hovering around a significant pennant support level that was breached previously due to increased selling pressure before Trump’s inauguration.
The recent price bounce has ignited bullish momentum, indicating renewed confidence among market participants.
Major FET investors make substantial maneuvers
A sharp increase in whale activity has contributed to the positive outlook for FET. Data from IntoTheBlock shows that the volume of large transactions in the altcoin has surged by 106% in the past 24 hours.
This surge points towards heightened interest from major holders and institutions, often signaling accumulation and potential price action.
Historically, whale activity has foreshadowed significant price swings in altcoins. With more involvement from these key players, FET could be gearing up for an upward breakout to challenge higher resistance levels.
Surge in active addresses signals positivity
Another encouraging on-chain metric is the notable rise in active addresses. Within the last 24 hours, the number of active FET addresses has increased by 5%, as per IntoTheBlock.
This surge indicates a growing network activity, suggesting an influx of new users into the altcoin ecosystem.
An uptick in active addresses often complements whale activity, showcasing broader market interest beyond major holders. Together, these favorable metrics paint a bullish outlook for the altcoin in the near term.
Could this momentum lead to a bullish turnaround?
The recent downturn prior to Trump’s inauguration had instilled fear among investors and altered the overall bullish trajectory of FET.
However, the recent surge in bullish momentum, coupled with rising whale and trading activity, presents a positive scenario that could potentially spark investor interest.
An analysis of FET’s liquidation heatmap data by CryptoCrypto further confirmed the bullish sentiments surrounding the altcoin. The data pointed towards a bullish inclination, with a liquidation pool positioned at 342K around the $1.44 price mark.
This price level might serve as a magnet to propel the altcoin’s value upwards, supported by recent positive on-chain and technical signals.
If the bullish momentum and on-chain developments persist, a bullish turnaround for FET could be in the offing.