Fetch.ai price looks to be consolidating its January gains as the AI hype begins to subside. Regardless, crypto whales seem convinced that the bull rally is not over yet as they have doubled down on FET.
Such a significant accumulation trend among crypto whales could propel Fetch.ai to another rally.
Large investors bought 100 million FET
On March 10, Fetch.ai (FET) slipped below $0.30 as the hype around AI-related projects in January began to subside. However, as of March 23, FET was up 34%, hovering around the $0.40 region.
Interestingly, a deeper dive into the underlying on-chain data reveals that crypto whales are turning bullish as their interest in FET tokens intensifies.
Data from blockchain analytics firm Sentiment shows that a significant group of whales are strategically positioned for future FET price gains. Wallet addresses with balances between 10 million and 100 million FET on the Fetch.ai network have increased their holdings in recent weeks.
Between February 9 and March 23, this group of whales added approximately 110 million FET to their holdings, worth approximately $40 million.
Crypto whales typically possess significant financial power, and a prolonged accumulation trend among them could trigger rapid price growth. Considering the timing history of recent price rallies from the 10 million to 100 million whale cluster, FET holders can expect more growth in the coming weeks.
Furthermore, the negative social sentiment among Fetch.ai network participants can be considered as another bullish sign. From an upbeat score of 4.91 on March 12, the weighted sentiment turned negative to -0.28 by March 23.
Weighted sentiment tracks the ratio of negative mentions of assets compared to positive ones. Low values mean that the social sentiment surrounding the property is largely negative.
Specifically, crypto investors may consider the current dysphoric sentiment in the Fetch.ai community as a potential opportunity to re-enter the market.
Fetch.ai (FET) Price Prediction: Next Stop $0.50?
IntoTheBlock’s Global In/Out of Money (GIOM) data shows the current distribution of holders along the lines of their average purchase prices.
As it stands, more than 99% of FET holders are in profit. This means that the holders are not under any pressure to avoid losses at the current prices.
If Fetch.ai can break above its current resistance at $0.40, where 42 addresses hold 336,000 FET, it could usher in a long rally. The next important resistance will be around $0.64, where 360 Addresses could sell some of its 10.37 million FETs.
Nevertheless, if Fetch.ai price declines below $0.30, the bears may invalidate this trend. If this support cannot keep the price in check, $0.20 could be the next level where 731 addresses bought 27.68 million FET.
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