- Large FET transactions surged 172.7% over the past day.
- The altcoin has surged 32.68% over the past week.
Over the past week, the crypto market has seen an explosive resurgence, with Bitcoin (BTC) hitting a new ATH of $81,000. With this rise, most altcoins followed suit, seeing significant gains on the price charts and considerable growth in on-chain activity.
One such altcoin was the AI-themed Artificial Superintelligence Alliance (FET), which saw exponential growth. One area where FET has seen such growth is active addresses and large transactions.
Large Transactions and Active FET Addresses Skyrocket
According to IntoTheBlock analysis by AMBCrypto, FET has seen an increase in large transactions. The altcoin saw a 172.7% increase in large transactions, from 33 to 90 in the last 24 hours.
In context, large transactions are those valued at $100,000 and above. This implied that large holders and whales were actively engaged in the altcoin and accumulating. Such a trend indicates increased demand, interest and adoption.
Source: In the block
This interest in AI-coin was notably demonstrated by the fact that active addresses jumped 142.4% over the last week and 44.02% over the last 24 hours.
When active addresses and large transactions increase like this, it shows that the current price rise is driven by market fundamentals, with the market experiencing upward momentum and not simple speculative investments.
Source: In the block
The above positive momentum was further supported by positive net flow from large holders, indicating that there were more large holders accumulating the altcoin than those selling it.
Impacts on price charts?
As observed above, FET was building strong bullish momentum supported by large holders and other retail traders. In fact, at the time of writing, FET was trading at $1.50. This represents an increase of 1.20% in 24 hours.
Additionally, the altcoin surged 32.68% in 7 days. This uptrend has extended by 3.78% on the monthly charts.
Read Artificial Superintelligence Alliance (FET) Price Forecast 2024-2025
The recent rise suggests that the increase in whale activity and active addresses has had an immediate impact on the FET price charts. As a result, these conditions position the altcoin for further gains on the price charts.
So, if this bullish sentiment remains constant, FET could finally attempt $1.7 resistance where it has faced several rejections.
