- Large transaction volumes surged by 56%, signaling higher whale participation and a bullish outlook for the token
- Market bulls have been dominating the asset, potentially driving FET’s upcoming momentum
At the time of writing, the AI-focused token, Artificial Superintelligence Alliance (FET), seemed poised for a notable upside rally. Especially as it formed a bullish price pattern on its daily timeframe.
Bullish market sentiment
Here, it’s worth pointing out that sentiment across the cryptocurrency landscape has shifted for the better following the re-election of pro-crypto Donald Trump as President of the United States.
Owing to the same, over the past two days, FET surged by over 25%. This resulted in a breakout and a daily candle close above the declining channel price action pattern.
FET technical analysis and key levels
According to AMBCrypto’s technical analysis, FET appeared bullish following its breakout. And, with the strong bullish sentiment, there is a high possibility it could soar by 25% to hit the $1.80 level in the coming days.
Source: TradingView
During the candle closing after the breakout, FET closed its daily candle above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend.
FET’s bullish thesis will hold only as long as it is trading above the $1.30 level. Otherwise, it may fail.
Bullish on-chain metrics
However, its latest breakout has attracted whales and investors, leading to a significant surge in large transaction volumes over the past 24 hours. According to the on-chain analytics firm IntoTheBlock, FET’s large transaction volume by whales skyrocketed by 56% – A very bullish sign.
With a notable hike in large transaction volume, FET’s Open Interest also jumped by 7.9% over the last 24 hours. Such a hike in Open Interest indicates traders’ strong belief in the AI-based token and the formation of new positions, potentially based on market sentiment.
Source: Coinglass
Combining these on-chain metrics with technical analysis suggested that bulls are now dominating the asset and could support FET in sustaining its upcoming upside momentum.
Current price momentum
At press time, FET was trading near $1.38, having registered a price surge of 1.80% over the past 24 hours. During the same period, its trading volume dropped by 44%, indicating lower participation from traders following a notable rally.
