AI coin FET surges 48% in 2 weeks: What’s behind this rise?

• FET outperformed other AI coins over the past fortnight, with a 48.16% surge
• FET continued to enjoy positive market sentiment, positioning the altcoin to attempt $1.5 stubborn resistance level.

AI coin Artificial Superintelligence Alliance [FET] has experienced exponential growth over the past month. As of this writing, the AI-themed altcoin was trading at $1.21. This marked a 5.38% growth over the past day.

Prior to this, FET was on a weekly declining trend, declining by 16.48% over the past seven days. However, over the past 30 days, it surged by 13.1% after experiencing a strong uptrend from a local low of $0.7 to $1.2.

FET outperforms other AI coins

Thus, over the last two weeks, FET had not only outperformed its contemporaries, but also beat Bitcoin [BTC] and Ethereum [ETH] over the past 24 hours.

While FET had experienced 5.38% growth, BTC rose by 2.26%, and ETH rose by 2.72%.

Subsequently, FET’s competitor, Near Protocol [NEAR] had risen by only 1.18%, but declined by 3.19%.

What the price charts says

AMBCrypto’s analysis showed that FET had experienced a strong uptrend over the last 30 days. Notably, the AI coin was outperforming other AI-themed cryptocurrencies, as it enjoyed positive market sentiment.

Source: Coinglass

AMBCrypto’s look at Coinglass data showed that FET’s long position liquidation had experienced a strong decline over the past five days.

Long position liquidation had declined from $354k to $6.7k at press time. Thus, investors showed confidence in the crypto’s direction — a bullish signal.

Source: Santiment

Further, the exchange inflow has declined over the past seven days, falling from $3.74 million to $23.1k as of this writing.

Read Artificial Superintelligence Alliance’s [FET] Price Prediction

A decline in exchange inflow implied fewer tokens being deposited into exchanges. This showed that investors were keeping their tokens for future sales, pointing to positive market sentiment.

Therefore, FET was experiencing market favorability compared to other AI-themed cryptocurrencies. If the current market sentiment holds, the altcoin will be strongly positioned to challenge the $1.5 resistance level.