Whales Accumulate FET Despite 26% Price Drop

Artificial Superintelligence Alliance (FET) has experienced a significant 26% drop in price over the past week, marking a substantial decline in its value. This decrease has been accompanied by mixed signals from whales, the large investors in the cryptocurrency market.

While many retail investors have been spooked by the recent price crash, leading to a highly bearish market sentiment, whales have been 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 at lower price levels signals that whales are positioning themselves for a potential recovery, showing confidence in FET’s long-term potential.

Despite the widespread losses, whale activity has been notably bullish. Whales are often viewed as more experienced market participants, and their ability to buy during periods of significant price decline may indicate their belief in an eventual recovery. This whale accumulation is a key sign of optimism despite the current market downturn.

FET’s price has broken through the key support level of $1.19, falling to $0.77 at the time of writing. This decline confirms the validity of the head and shoulder pattern, which predicted a 43.6% drop to $0.73. The market seems to be experiencing a sharp correction, as expected, leading to this significant pullback.

Currently, FET is holding above the support of $0.76, suggesting it may have reached its market bottom. If this support is sufficient, the altcoin will have a chance to recover its recent losses. However, for a successful recovery, FET must flip $1.04 into support, signaling the end of the correction phase.

On the other hand, if FET loses the $0.76 support level, it could fall further. The next potential target is $0.73, and a drop below this level could see the price approaching $0.64, which would invalidate the bullish outlook and lead to further losses.