Artificial Superintelligence Alliance Price Prediction [FET] 2024-2025

Artificial Superintelligence Alliance [FET] has experienced substantial sell-offs, with selling pressure intensifying over the past week, leading to a 16.94% price drop.

Artificial Superintelligence Alliance [FET] token has undergone a 16.94% sell-off in the past week, driving the token to levels just above the $1 mark. This sell-off followed a broader market sell-off, where most crypto-assets have shed some value over the past seven days.

However, over the past 24 hours, some buying pressure was observed, leading to a modest 0.69% gain for FET.

AMBCrypto analysis showed that the broader market trend was still indicating a potential decline, with FET set to test lower levels in the coming days.

Could FET reach 2024 highs?

At press time, FET was trading within an ascending channel pattern, which usually signals an uptrend, according to crypto analyst Mihir. This chart pattern showed the price oscillating between two parallel lines, known as the support and resistance levels, within which the price tends to move as it trends upward.

Mihir noted that FET had recently touched the support level of this channel, a typical signal that often precedes a price surge.

Mihir hence anticipated that FET could potentially reclaim its March 2024 highs, stating,

“$FET might recover by mid-to-late December.”

Large holders are selling

Further analysis showed that, despite FET reaching a support level where significant buying activity is usually observed, the opposite was currently happening.

According to IntoTheBlock, there was a noticeable spike in large-volume transactions, indicating that traders holding substantial portions of FET were actively engaging in the market. This activity can signal either buying or selling.

However, the decline in the number of active addresses suggested that this increase in large transactions was likely the result of large holders selling off their FET. This could be due to a loss of confidence in the asset, with these holders taking profits to avoid further losses.

In the past 24 hours, 123 large transactions were recorded, involving a total of 19.05 million FET. Meanwhile, the number of active addresses dropped to 1,860, representing a 12.02% decline over the past week.

Increased sell-offs in the market

This trend extended to derivative traders, who were now selling their FET holdings into the market. In the first instance, Open Interest decreased by 2.42% over the past 24 hours, bringing the total volume to 134.25 million FET. This decline suggested that the market was currently favoring short traders, with fewer open contracts in favor of long positions.

Read Artificial Superintelligence Alliance Price Prediction [FET] 2024–2025

Moreover, the forced liquidation of $387.17K worth of FET long trades indicated that derivative traders drove the market against the expectations of bullish traders, contributing to the price drop.

Coinglass

Should these sell-offs from large holders and derivative traders continue, it will delay FET’s potential rally.