FET price nears $2 as whales accumulate 100 million tokens
Cryptocurrencies
Artificial Superintelligence Alliance (CRYPTO:FET) has seen a notable 35% price increase in September, recovering from earlier declines during the AI coin mergers.
However, in the last week, the cryptocurrency experienced a 5.46% dip, which many investors attribute to profit-taking after the recent rally.
Despite this short-term decline, crypto whales have begun accumulating large amounts of FET tokens, signaling a potential bullish reversal.
On-chain data from Santiment shows that whales holding between 10 million to 100 million FET tokens significantly increased their holdings, adding nearly 100 million tokens over the last three days.
This accumulation brings the total whale holdings to 689.94 million FET, worth approximately $100 million at current prices.
The substantial buy-in suggests optimism among large-scale investors, even as the token trades near its 20-day Exponential Moving Average (EMA).
FET currently trades around $1.60, with support at the $1.52 level.
Analysts expect that breaking the $1.70 resistance could push the price further, potentially reaching $2.03 or higher.
The ongoing migration of CUDOS to the Artificial Superintelligence Alliance may also contribute to increased interest in FET, as the project integrates more decentralised applications and grows its market cap.
Additionally, data from IntoTheBlock reveals a 183.81% increase in the Coins Holding Time metric over the past 90 days, suggesting that long-term holders are maintaining their positions.
This could indicate growing confidence in the token's future performance.
However, if the token fails to break the $1.70 resistance, there is a risk of decline to $1.33.
At the time of reporting, the FET price was $1.60.