- FET holders have reaped profits as the token’s uptrends boosted momentum.
- Reducing selling pressure and rising open interest signaled the potential for further gains.
The Artificial Superintelligence Alliance (FET) has made impressive progress during this altcoin bull run, with 82% of holder addresses in profit at the current price.
The altcoin benefited from positive market conditions and strong technical setups, reflecting renewed investor confidence.
Source: In the block
These gains are supported by a significant reduction in selling pressure, evidenced by the weakness of net deposits on exchanges compared to the 7-day average.
The decline in exchange deposits suggests that many holders prefer to hold on to their positions, providing a solid basis for further price appreciation.
The decrease in sales activity allowed FET to maintain its upward trajectory.
Source: CryptoQuant
FET Open Interest Increases
The sharp increase in open interest further strengthens the optimism around FET. The metric reached the highest levels since late March, when the token reached an all-time high. This indicates increasing trader participation and is often a sign of bullish sentiment in the market.
With selling pressure easing and interest in crypto growing, FET could be preparing for a 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, surpassing the critical resistance level of $1.85.
Such breakouts often signal the start of a significant rally. The next major resistance lies at $3.45, and many analysts are wondering if FET could break through the $3 mark before the end of the year.
Source: TradingView
Read Artificial Superintelligence Alliance (FET) Price Forecast 2024-25
The alignment of strong on-chain metrics and bullish technical patterns positions FET as a standout altcoin.
The aforementioned reduction in selling pressure, increased open interest, and the recent breakout all indicate the potential for further gains.
