Whales Buy 100M FET in 3 Days: Can Price Break $2 After 35% Surge?

• The price of the Artificial Superintelligence Alliance (FET) has shot up in the past month, reaching a three-month high due to a renewed AI token frenzy.
• Whales have been accumulating the token despite a slowdown in momentum over the past few days, indicating bullish long-term growth expectations.

Artificial Superintelligence Alliance (FET) has been one of September’s stellar performers, surging from a low of $1.0147 to clock a three-month high above $1.7 before its upward trajectory fizzled. Despite a retrace in the past few days, the long-term momentum has drawn in the whales who are accumulating at pace.

FET trades at $1.56 at press time, dipping nearly 4% in the past day. Its trading volume, however, has shot up 75% to hit $230 million. The token hit an intra-day low of $1.5309 before staging an unconvincing comeback that dwindled soon after.

Despite the dip in the daily and weekly charts (the latter stands at -7.43%), FET is still one of the best performers in September. The token opened the month at $1.1587 before dipping further to a low of $1.0147 on Sept. 7th. However, the bulls took control, and by the 25th, it had surged 70%, hitting its highest price since mid-June at over $1.729. It has since dipped slightly, but it’s trading 34% higher on the monthly chart, placing it in the top 15 gainers among the 100 largest coins.

FET’s current support is $1.52, its 20-day Exponential Moving Average (EMA). If it continues to trade above this level or uses it to bounce back, as it has recently, then it could be setting itself up for a massive leap in October.

On the flip side, its resistance is at $1.70. The token’s attempt to breach it was repelled, and it was pushed back to its current price. The last upswing towards the resistance was on September 28, but the rejection at this level sent FET all the way down to $1.56.

According to one analyst, if FET maintains its price above $1.55, it will have a platform to retest $2.

$FET update!
Going for that retest and then we head up for 2$ pic.twitter.com/MqRMBBr5pR

— Bandhan Sharma Maverick Trader (@wickhunterr) September 30, 2024

Another analyst noted that FET has been trading in a five-wave structure that’s always followed by an A-B-C correction phase. We are currently in the fourth phase (as shown below) and are heading to the fifth, which is projected to take the token to $10.

Meanwhile, FET whales have been accumulating the token, unfazed by the recent retrace. Data from Santiment showed that between September 27th and 30th, addresses holding 10-100 million FET tokens added nearly 100 million tokens. At the current prices, that’s more than $150 million in inflow into the FET ecosystem. IntoTheBlock further shows that the average holding time for the token has surged 180% in the past three months, indicating that most holders remain convinced of the token’s long-term prospects.