- FET holders bagged profits as the token’s bullish patterns drove momentum.
- Reduced selling pressure and rising Open Interest signaled the potential for further gains.
Artificial Superintelligence Alliance [FET] has made impressive strides in this altcoin bullish period, with 82% of holder addresses in profit at the current price.
The altcoin has benefited from positive market conditions and strong technical setups, reflecting a surge in investor confidence.
Source: IntoTheBlock
These gains are supported by a significant reduction in selling pressure, evidenced by the low net deposits on exchanges compared to the 7-day average.
Fewer deposits on exchanges suggest that many holders prefer to keep their positions, providing a strong base for further price appreciation.
The decreased selling activity has allowed FET to maintain its upward trajectory.
Source: CryptoQuant
FET’s Open Interest surges
Further boosting optimism around FET is the sharp surge in Open Interest. The metric has hit the highest levels since late March, a period when the token reached an all-time high. That indicates growing participation from traders and is often a signal of bullish sentiment in the market.
With the selling pressure now shrinking and interest in the crypto swelling, FET may be building up for its potential price breakout.
Source: Coinglass
Breaking key resistance at $1.85
FET’s technical performance has been impressive. The Ethereum-based token recently broke out of a bullish pennant pattern, moving past the critical resistance level of $1.85.
Such breakouts often signal the beginning of a significant rally. The next major resistance is at $3.45, and many analysts are speculating whether FET could cross the $3 mark before the end of the year.
Source: TradingView
Read Artificial Superintelligence Alliance [FET] Price Prediction 2024-25
The alignment of strong on-chain metrics and bullish technical patterns positions FET as a standout altcoin.
The aforementioned reduced selling pressure, heightened open interest, and recent breakout all point to the potential for further gains.
