- The FET is up 20% after a crucial support level at $1.
- The altcoin’s statistics indicated increased whaling activity and an increase in the number of active addresses.
Alliance for Artificial Super Intelligence [FET] has witnessed an impressive 20% rally after retesting the key $1 support level.
This price level, first established on Trump’s inauguration day, has once again proven its strength.
At the time of writing, FET prices were testing a key support level that was previously breached due to increased selling pressure on the eve of Trump’s inauguration.
Source: TradingView
The recent price rise has created bullish momentum, indicating renewed confidence among market participants.
FET whales make significant movements
A significant spike in whale activity contributed to the optimistic outlook for FET. According to IntoTheBlock data, the altcoin’s large transactions have increased by 106% in the past 24 hours.
This indicates strong interest from large holders and institutions, which often signals accumulation and potential price movement.
Whale activity often precedes significant price movements of altcoins. With the increased participation of these major market moves, FET could be preparing for a bullish breakout to test higher resistance levels.
Source: IntoTheBlock
Active addresses are also witnessing an increase
Another positive on-chain metric observed was the increasing number of active addresses. According to IntoTheBlock, the number of active FET addresses has increased by 5% in the last 24 hours.
This increase indicates an increase in network activity, indicating more users are entering the altcoin ecosystem.
An increase in the number of active addresses often complements whaling activity, as it shows that the market is interested in broader areas than just large holders. Combined, these positive numbers paint a bullish picture for altcoin in the near future.
Source: IntoTheBlock
Can momentum lead to a bullish reversal?
The recent dip on the eve of Trump’s inauguration had sent investors into fear mode and changed the FET’s overall bullish rally.
However, the recent bullish momentum in the convergence with rising whale and trading activity paints a bullish picture that could consequently pique investor interest.
AMBCrypto’s analysis of FET liquidation heatmap data also confirmed the altcoin’s bullish sentiments. The data indicated a bullish bias with a liquidation pool of 342K at a price level of around $1.44.
Read the Artificial Superintelligence Alliance’s [FET] Price forecast 2025–2026
The price level could act as a magnet to pull up the altcoin price based on the recent positive chain and technical indicators.
If bullish momentum and on-chain developments continue, a bullish reversal in FET could be in the offing.
Source: Coinglass