Artificial Superintelligence Alliance [FET] token’s whale activity has gone through the roof, with large transactions up by 262%, according to IntoTheBlock data.

Whales, or big holders, are coming to create upside momentum as local tops indicate price might start to go upwards.

Big players currently control 64% of FET’s total distribution, a figure which could be indicative of a large price rally.

Trading activity sinks, but whales come for the rescue.

Despite this whale dominance, FET has still suffered a decline in trading activity by 10%. However, this has not deterred the large holders, as they are determined to push the prices higher. 

Since they control the major portion of supply of this asset, their move will significantly influence the price of FET, even in a market with low volume.

It is evident that big players are preparing for a potential upside breakout, as seen from the increasing large transactions.

FET approaches a key symmetrical triangle breakout

FET continues to trade in the symmetrical triangle pattern that has been in play since late March. Recently, FET has tested the resistance at $1.42 and got rejected, which saw a pullback of 12% in the last 48 hours. 

However, with the latest spike in whale activity, the pullback could become short-lived.

The symmetrical triangle describes a consolidation phase, wherein FET is reaching a very critical level where a breakout is likely to occur.

Such a setup might attract buyers and push prices higher in the event of a bullish breakout, especially with whales stepping in to create momentum.

Whale dominance and what it means for FET

Since the whales control 64% of the asset’s distribution, they might significantly influence the coin price movements.

Large transactions are up by 262% because large holders are trading aggressively, setting the stage for a big move.

In fact, at this rate, the accumulation or trading of whales of FET may propel the asset above the resistance of the symmetrical triangle, rallying in the days to come.

For now, this gives way to all eyes setting focus on any breakout potential, with whale activities serving as a major influence for any upward movements.

Source : AMBCrypto - Sep 17, 2024