"FET Plunges 20%: Whales Accumulate Amid Market Crash Fears"

The price of Artificial Superintelligence Alliance (FET) has plummeted by 20% over the past week, sparking concerns about a potential market crash. This significant decline comes after a 34% price crash earlier this month, which validated a three-month-old pattern predicting such a correction.

While retail investors are grappling with historic losses and a highly bearish market sentiment, whales seem to be accumulating FET at lower prices. Addresses holding between 1 million and 100 million FET have added approximately 92 million FET to their holdings over the past week, valued at $70.8 million. This accumulation signals that whales are positioning themselves for a potential recovery, indicating confidence in FET's long-term potential.

Despite the widespread losses, FET's price has been holding above the support of $0.76, suggesting it may have reached its market bottom. However, for a successful recovery, FET must flip $1.04 into support, signaling the end of the correction phase. If FET loses the $0.76 support level, it could fall further, with the next potential target being $0.73.

The market's sharp correction has led to heightened caution among investors, with traders refraining from significant action in the face of market volatility. The fear of additional losses is currently overpowering the desire to accumulate, causing many to stay on the sidelines. As the market awaits further developments, the potential impact of AI crypto selling on the broader market remains a topic of concern.