- FET active addresses interacting with FET surged by 142.4% over the week, suggesting that the recent price rally is supported by consistent demand rather than speculative trading.
- Although FET experienced a slight pullback after the rally, positive on-chain data and increased whale accumulation suggest it could soon break its resistance level at $1.70.
The Fetch.ai (FET) price surged by 32.68% over the past week due to the rise of big transactions and active addresses. Since last week, we witnessed an impeccable rally for the crypto market, as Bitcoin (BTC) topped at a fresh all-time high of $89,547.
Trends saw most altcoins follow in the same suit, which definitely did not exclude Artificial Superintelligence Alliance’s token: FET. The AI-themed crypto has been on the roll with impressive growth, and several other key on-chain metrics, like big transactions and active addresses, are increasing.
Reasons Favouring Fetch.ai Price Surge
Fetch.ai has had an uptick in large transactions that suggest a surge in interest from the big players. According to IntoTheBlock data, there has been a rise of 172.7% in large transfer transactions worth $100,000 or more within the past day, moving from 33 to 90. This surge shows that large holders and whale investors are embracing the asset with even higher demand and interest.
Moreover, active addresses that engage with the FET token have surged by 142.4% within the past week and even rose by 44.02% within the last 24 hours. Growing active addresses have efficiently ensured that the increase in traction for FET is persistent within the market.
In other words, the recent uptick in price is organic and well-based. This activity plays off against speculative spikes, so maybe the base of the rally for FET price may have more sustaining support from genuine market interest.
Furthermore, the active addresses and large transactions have also grown. The large holder netflow for FET has been positive, implying that more large holders are accumulating than selling the currency, reported CNF. The metrics of increasing active addresses and large transactions point towards broader accumulation in major players that are supporting the uptrend of the token.
FET Price Faces Turbulence
Despite the rally recently, Fetch.ai’s price is currently facing a major pullback. Up to the latest data, FET price traded at $1.42, dropping by 4.12% in the past 24 hours. This short-term drop is seen as a natural phenomenon following the longer-term upward momentum since the altcoin increased by 32% in the last week. However, the monthly returns for the FET price stood at a mere 0.30%.
However, the Fetch.ai price has seemingly recently tracked a direct correlation with increases in whale activity and active addresses. Underlying this are on-chain metrics that point to strong demand for FET beyond mere retail speculation and by stronger hands. This could indeed pave the way for a bounce back soon.
The positive sentiment in Fetch.ai’s metrics puts it near a critical resistance level at $1.70. This level has been an area of rejection for the FET price previously. Thus, if the current buying pressure and whale activity persist, Fetch.ai’s price may break through this level, opening a further way upwards.
