FET price is currently exhibiting unusual patterns that may significantly influence its trajectory in the near future. Recent activity from major holders, known as whales, has raised critical questions regarding the token's next direction. While some indicators suggest potential gains, others imply a cautious sentiment among large investors, leading to uncertainty in the short-term outlook.
Monitoring the behavior of FET whales is vital, as their decisions can substantially impact market dynamics. On September 28, there were 69 holders possessing between 100,000 and 1,000,000 FET tokens, and by September 30, this number increased to 82, representing an 18% rise in just two days. Conversely, the number of holders with between 1,000,000 and 10,000,000 FET tokens declined from 13 to 10 during the same timeframe.
This scenario is intriguing because, while smaller large holders are accumulating FET, the largest holders are reducing their stakes, suggesting mixed sentiment in the market. This divergence might indicate short-term upward momentum from new buyers; however, the retreat of the largest holders could signal caution or impending selling pressure.
FET's Social Dominance 7-day Moving Average has recently dropped sharply to 0.123%, down from 0.336% just a day earlier and from 0.668% on September 24. This decline is significant as it reflects the level of attention and discussion surrounding the coin in comparison to the overall market.
A reduction in social dominance often correlates with diminished buying activity or enthusiasm among retail investors, suggesting that excitement around FET may be fading temporarily. Nevertheless, it's worth noting that FET's Social Dominance hovered around similar levels last month without preventing its price from climbing shortly after.
According to the In/Out of the Money Around Price chart, FET encounters strong resistance at $1.68 and weaker resistance at $1.73. If these levels are breached, FET could swiftly ascend to $1.87, presenting a potential gain of 14.7%. This surge could be fueled by the growing interest in artificial intelligence-related cryptocurrencies.
However, if the current trend reverses, there is robust support at $1.58. If this support fails, the price could plummet to as low as $1.38, indicating significant downside risk.
