FET large transactions have surged by 172.7% over the past day

• FET large transactions have surged by 172.7% over the past day.
• The altcoin has surged by 32.68% over the past week.

Over the past week, the crypto market has experienced an explosive upsurge with Bitcoin [BTC] hitting a new ATH of $81k. With this upswing, most altcoins have followed suit recording significant gains on price charts and considerable growth in on-chain activities.

One of these altcoins was the AI-themed Artificial Superintelligence Alliance [FET] which has seen exponential growth. An area in which FET has experienced such growth was in active addresses and large transactions.

FET’s large transactions and active addresses soar

According to AMBCrypto’s analysis of IntoTheBlock, FET has experienced a spike in large transactions. The altcoin has seen a 172.7% spike in large transactions from 33 to 90 over the past 24 hours.

In context, large transactions are those worth $100k and above. This implied large holders and whales were actively engaged with the altcoin and were accumulating. Such a trend indicates increased demand, interest and adoption.

Source: IntoTheBlock

Notably, this  interest for the AI-coin was further evidenced by the fact that active addresses have surged by 142.4% over the past week and 44.02% during the past 24 hours.

When active addresses and large transaction rise like this, it shows that the current price rally is driven by market fundamentals with the market experiencing an upward momentum and not mere speculative investments.

Source: IntoTheBlock

The above positive momentum was further supported  by a positive large holders netflow, indicating that there were more large holders accumulating the altcoin than those selling.

Impacts on price charts?

As observed above, FET was building a strong upward momentum supported by large holders and other retail traders. In fact, as of this writing, FET was trading at $1.50. This marked a 1.20% increase in 24 hours.

Also, the altcoin has surged by 32.68% in 7 days.  This bullish trend has extended by 3.78% on monthly charts.

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

The recent upswing suggested that the rise in whale activity and active addresses has had an immediate impact on FET’s price charts. Accordingly, these conditions position the altcoin for further gains on price charts.

Thus, if this bullish sentiment remain constant, FET could finally attempt $1.7 resistance where it has faced multiple rejections.