FET large transactions surge by 172%: Any impact on price charts?

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  • FET large transactions have surged by 172.7% over the past day.
  • The altcoin has surged by 32.68% over the past week.

As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I have witnessed numerous market fluctuations and trends. However, the recent surge in FET, an AI-themed altcoin, has truly caught my attention. The spike in large transactions, active addresses, and positive netflow from large holders is a clear indication of increased demand and adoption.

For the last seven days, the cryptocurrency market has seen an incredible surge, reaching new heights as Bitcoin [BTC] soared to a record high of $81k. This uptrend has led many other digital currencies to increase significantly in value and volume on their price graphs, also sparking increased activity on their blockchains.

Among these digital currencies, one that stood out was the Artificial Superintelligence Alliance (FET), a coin themed around artificial intelligence, which has experienced rapid expansion. A sector where FET has particularly thrived is in the increase of active wallets and substantial transactions.

FETā€™s large transactions and active addresses soar

As an analyst, I’ve observed an intriguing surge in significant transactions for the altcoin FET, as per my analysis based on data from AMBCrypto and IntoTheBlock. Over the last 24 hours, we’ve witnessed a substantial increase of 172.7%, with large transactions rising from 33 to 90. This spike in activity is certainly noteworthy.

In this scenario, significant transactions refer to those that exceed $100,000. These types of transactions suggest that major investors or ‘whales’ are involved with the cryptocurrency and are amassing more of it. This pattern implies an increase in demand, curiosity, and acceptance within the market.

Significantly, the enthusiasm for AI-coin has been clearly demonstrated through a substantial increase in active addresses. Over the past week, there was a rise of 142.4%, and within the last 24 hours, this figure went up by 44.02%.

When significant activity at active addresses and high transaction volumes occur, it suggests that the ongoing price surge is primarily fueled by strong market foundations, as opposed to merely speculative investments, indicating a robust and sustained market uptrend.

The above positive momentum was further supportedĀ  by a positive large holders netflow, indicating that there were more large holders accumulating the altcoin than those selling.

Impacts on price charts?

From the information provided, it appears that FET has been showing a robust upward trend, fueled by significant investors and regular traders. At present, FET is being traded at around $1.50. This represents a 1.20% rise over the past 24 hours.

Furthermore, the value of that alternative cryptocurrency has increased by approximately 32.68% over the past week. This positive momentum has continued, adding an additional 3.78% to its value as shown in monthly price charts.

ReadĀ Artificial Superintelligence Allianceā€™s [FET] Price PredictionĀ 2024ā€“2025

Lately, the increase in whale activity and active addresses seems to have directly influenced the price trends of FET. Given this situation, it appears that the altcoin is poised for more price increases based on its chart patterns.

If the positive market feeling persists, Filecoin (FET) may make an effort to break through its long-standing resistance at $1.7, a level that it has previously failed to surpass on several occasions.

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2024-11-12 08:09