FET poised for a rally? Whale activity soars by 3,610%!

• FET tests a key resistance with a 3,610% surge in large transactions.
• Active addresses rise by 15.52%, signaling growing user engagement.

Artificial Superintelligence Alliance [FET] is at a pivotal moment as the altcoin tests a critical resistance level at $1.49. The altcoin has been on a bullish rally since breaking the descending trendline resistance that recently turned a support level.

After the promising rally, FET has hit a barrier at the $1.49 level that has slowed the bullish rally. Its on-chain flow for the coin has projected massive changes in the market, which may lead to either a breakout or pullback. 

Source: Tradingview

As per AMBCrypto analysis, the key relevant indicators of the current state of FET are a sharp spike in large transactions and equally surging active addresses. 

Large transactions surge by 3,610%

Perhaps the most striking is the increase in large transactions by 3,610%. Such huge growth suggests that institutional or large investors are finally warming up to the ecosystem.

Generally, the recent moves by whales are a sign of confidence in the performance of the token in the future.

The speed at which the growth happened signifies investors position themselves for gains in the potential estimate, especially in FET, testing the resistance at $1.49.

Source: IntoTheBlock

FET active addresses climb by 15.52%

Another notable positive sentiment for FET is the 15.52% rise in active addresses.

In most cases, this metric tracks the number of unique addresses involved in transactions over a certain period. 

An uptick in active addresses does tend to hint at growing user interest and engagement. In the case of FET, this rise will mean that more users are either trading or utilizing the token, adding momentum to the coin’s price action.

Source: IntoTheBlock

What next for FET?

As FET continues to test the $1.49 resistance, the next few days will be crucial for the market participants. If the token breaks past this resistance level, a new rally could be on sight.

Read Artificial Superintelligence Alliance’s [FET] Price Prediction 2024–2025

However, failure to close above this point may lead to a short-term correction.

FET sharp growth in large transactions and the rise in active addresses hinted at growing optimism, but this resistance level remained a key obstacle.