FET Price Breakout Alert: Bulls Eye Explosive Momentum!

The FET token, part of the Artificial Superintelligence Alliance, is drawing renewed attention as bullish signals strengthen. Recent price action, technical indicators, and on-chain metrics indicate the potential for a short-term rally. Amid a broader surge in AI-related tokens, FET stands out with increasing trading volume, a breakout from a key chart pattern, and strong weekly performance.

At the time of writing, FET Price stood at $0.6945, reflecting a 12.64% gain over the past 24 hours and a 38.89% increase over the past week. Its market capitalization now sits near $1.8 billion, with 2.6 billion tokens circulating. If momentum holds, market participants are eyeing a potential 20% to 25% upside soon.

FET Price Rising Wedge Breakout Signals Short-Term Upside

FET recently broke out of a rising wedge pattern on the 15-minute chart, crossing the $0.6348 resistance on high volume. The measured move from the wedge projects a potential price target near $0.744—representing a 27.79% upside from the breakout level.

In addition to this, the previous resistance area between $0.63 and $0.645 also flipped short term resistance to potential support.

However, continuing towards the projected target is still possible if the price remains above this zone.

However, a break below $0.615 would invalidate this bullish scenario, and a forge towards another consolidation or pullback may occur.

Momentum Indicators Support Bullish Trend

At the time of writing, the RSI on the daily chart was at 72.72 levels, which is overbought territory.

But this also suggests a short-term softening period. The signal line stays below the RSI, confirming continued upward momentum. The RSI currently stands above the signal line at 57.27.

In the MACD indicator, the MACD line is at 0.039 above the signal line at 0.012 and has a bullish crossover.

The uptrend appears to have positive momentum and a wider histogram, which means it is gaining momentum.

Both indicators highly indicate buyers’ interest and no apparent signs of a reversal soon, though overbought conditions could slow down the pace temporarily.

On-Chain Metrics Reflect Market Sentiment

According to IntoTheBlock, the In/Out of the Money data shows that 20.34% of FET tokens (552.04 million) are currently in profit.

These tokens were purchased below current market value, totaling around $382.1 million.

On the other hand, 72.89% of tokens (1.98 billion) are held at a loss, valued at roughly $1.37 billion. Meanwhile, 6.77% of the supply, or 183.88 million tokens, are trading near their purchase price.

The volume of addresses holding tokens in the red between $0.7867 and $3.25 is high, with strong concentrations around $1.08 to $1.35. This may result in increased selling pressure if price nears those levels.

In contrast, support may be stronger below $0.65, where many holders are still in profit or close to breakeven.

Whales and Profit Distribution: What the Chain Says

On-chain data from IntoTheBlock shows that 20.34% of FET supply, or about 552 million tokens, are currently in profit. Meanwhile, 72.89%—about 1.98 billion tokens—are held at a loss, creating a potential wall of selling pressure near the $1.08–$1.35 range.

During the past week, it has reached 51 large transactions on April 22 and 9 on April 17. The fact that this variation is still present but not as dominant indicates that whale activity is still present.

Strong price action and some technical confirmation, such as rising transaction volume, should be considered to make prices rise.

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