Artificial Superintelligence Alliance (FET) has seen a significant drop in value over the past week. As of this writing, the AI Agent token trades at $1.08, its lowest since September 2024.
This price decline comes amid a drop in whale activity, with large holders unloading substantial amounts of FET tokens in recent days.
FET Whales Sell Holdings
According to Santiment, whales holding between 10,000,000 and 100,000,000 FET have offloaded more than $25 million worth of tokens in less than seven days, decreasing FET’s value by 7% during that period.
When whales increase selloffs, they offload large quantities of a token onto the market, which can lead to oversupply and drive the price down. This surge in selling pressure typically overwhelms buying demand, causing a decline in the token’s value.
The market often reacts to these selloffs with heightened uncertainty, leading to further price drops if the trend continues.
Moreover, FET’s negative weighted sentiment confirms the bearish bias toward it. At press time, this is at -0.41, reflecting the pessimism among market participants.
An asset’s weighted sentiment measures its overall positive or negative bias. It considers both the volume of social media mentions and the sentiment expressed in those mentions.
When it is negative like this, it is a bearish signal. This means investors are becoming increasingly skeptical about the token’s near-term outlook, prompting them to trade less and causing a price decline.
FET Price Decline: Is a Steeper Decline to $0.70 on the Horizon?
FET trades significantly below its 20-day exponential moving average (EMA) on the daily chart. This key moving average measures an asset’s average price over the past 20 days, giving more weight to recent prices.
When an asset’s price falls below the 20-day EMA, it signals potential bearish momentum, suggesting a further price decline. If FET’s decline continues, its price could fall to $1.02. If this support level fails to hold, the token’s value could drop further to $0.70.
However, a shift in market sentiment and a surge in demand for FET will invalidate this bearish outlook. In that scenario, the token’s price could rally toward $1.29.
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Disclaimer
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