FET: Will whale activity fuel bullish momentum?

• FET surged 18% after breaking out of a symmetrical triangle at $1.2572.
• Large transactions have spiked by 135%, pointing to increasing whale activity on the network.

Artificial Superintelligence Alliance Price Prediction [FET] has had an incredible uptick recently. After breaking out from a symmetrical triangle resistance level at 1.2572, FET surged by 18%.

This also managed to break the key resistance level at $1.492, underscoring the market’s strong bullish sentiment. 

AT press time, the token was hovering around another critical resistance level at $1.4954. This movement makes the market participants wonder whether the token has enough momentum to be able to push higher.

Source: TradingView

Increased whale activity

Backing FET’s price surge are encouraging on-chain metrics. Large transactions on the FET network are up 135%, indicating heightened whale activity.

Spikes in high-value transactions indeed signal that some big players are accumulating or circulating tokens, which could lead to price momentum. 

Source: IntoTheBlock

Adding to the aforementioned increase in whale activity, the number of active addresses spiked 24% too. This indicates heightened interest and participation of addresses on the network.

 Although this portrays a good indication of the market strength for FET, the rise in whale activity and network engagement has come with it.

Source: IntoTheBlock

FET tests key resistance level

While this price movement was accompanied by increased trading activity, at press time, FET was testing a key resistance level at $1.4954.

A break above that might be the key going forward that keeps the token’s uptrend intact. 

Increased whale activity and a growing number of active addresses indicate that FET might have the momentum to break above this resistance, thus signaling further gains in its price.

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

If the asset manages to close above $1.4954, it could pave the way for continued upward momentum towards a new all-time high, driven by strong on-chain metrics. 

However, a failure to break higher may result in a consolidation phase.