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FET breaks key resistance: Can it cross $3 by year-end?

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FET rallies to make a key breakout as profits surge and bullish momentum builds.
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  • FET holders bagged profits as the token’s bullish patterns drove momentum.
  • Reduced selling pressure and rising Open Interest signaled the potential for further gains.

Artificial Superintelligence Alliance [FET]  has made impressive strides in this altcoin bullish period, with 82% of holder addresses in profit at the current price. 

The altcoin has benefited from positive market conditions and strong technical setups, reflecting a surge in investor confidence.

Source: IntoTheBlock

These gains are supported by a significant reduction in selling pressure, evidenced by the low net deposits on exchanges compared to the 7-day average.

Fewer deposits on exchanges suggest that many holders prefer to keep their positions, providing a strong base for further price appreciation.

The decreased selling activity has allowed FET to maintain its upward trajectory.

Source: CryptoQuant

FET’s Open Interest surges

Further boosting optimism around FET is the sharp surge in Open Interest. The metric has hit the highest levels since late March, a period when the token reached an all-time high. That indicates growing participation from traders and is often a signal of bullish sentiment in the market.

With the selling pressure now shrinking and interest in the crypto swelling, FET may be building up for its potential price breakout.

Source: Coinglass

Breaking key resistance at $1.85

FET’s technical performance has been impressive. The Ethereum-based token recently broke out of a bullish pennant pattern, moving past the critical resistance level of $1.85.

Such breakouts often signal the beginning of a significant rally. The next major resistance is at $3.45, and many analysts are speculating whether FET could cross the $3 mark before the end of the year.

Source: TradingView

Read Artificial Superintelligence Alliance [FET] Price Prediction 2024-25

The alignment of strong on-chain metrics and bullish technical patterns positions FET as a standout altcoin.

The aforementioned reduced selling pressure, heightened open interest, and recent breakout all point to the potential for further gains.

 

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Kelvin Murithi is an Economic and Crypto-Asset Analyst at AMBCrypto who provides a sophisticated, data-driven perspective on the financial markets. His analysis is deeply rooted in his academic and professional background, combining macroeconomic principles with technical asset analysis. He holds a Bachelor's degree in Economics and Statistics, which provides the rigorous quantitative foundation for his work in economic forecasting and investment strategy. Prior to specializing in the digital asset space, Kelvin honed his skills as a Financial and Data Analyst, where he was responsible for analyzing complex datasets and financial models. At AMBCrypto, Kelvin leverages this powerful blend of experience to deliver insightful price analysis. He specializes in interpreting how broader economic trends impact the cryptocurrency market, while also applying technical analysis to identify key price levels and potential trading opportunities. His mission is to equip readers with a multi-layered understanding of the market, enabling them to make strategic and well-informed investment decisions.
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