According to crypto analyst Ibrahim Ajibade, the artificial intelligence coin Fetch.ai seems to be consolidating its gains in January as the AI hype begins to wane. Regardless, the analyst says that crypto whales are not convinced that the bull rally is not over yet when doubling the FET. Such a significant accumulation trend among crypto whales could propel the altcoin to another rally, according to the analyst.
Big investors bought 100 million FETs
Fetch.ai (FET) coin dropped below $0.30 on March 10 as the January hype surrounding AI-related projects began to wane. However, cryptocoin.comAs you follow, as of March 23, FET has increased by 34%, approaching the $0.40 region. Interestingly, a deeper dive into the underlying on-chain data shows that crypto whales are on the rise as their interest in the FET token intensifies.
Data from blockchain analytics firm Santiment shows that a key cluster of whales is strategically positioned for future FET price increases. Wallet addresses with balances between 10 million and 100 million FETs in the AI coin network have increased their holdings in recent weeks. Meanwhile, between February 9 and March 23, this group of whales added approximately 110 million FETs worth about $40 million to its holdings.
Crypto whales typically have significant financial strength, and a prolonged trend of accumulation among them can quickly trigger a price spike. Given the 10 million to 100 million whale cluster’s history of accurately timing recent price increases, FET holders can expect further increases in the coming weeks.
Also, the negative social perception among the participants of the artificial intelligence coin Fetch.ai network can be considered another bullish signal. From an exuberant score of 4.91 on March 12, the weighted sentiment shifted to negative to reach -0.28 on March 23.
Weighted sentiment tracks the ratio of negative talk of assets to positive ones. Low values mean that the social sentiment surrounding the asset is largely negative. Crypto traders can capitalize on the current dysphoric sentiment in the Fetch.ai community as a potential opportunity to re-enter the market.
The next stop for the AI coin is $0.50?
IntoTheBlock’s Global In/Out of Money (GIOM) data shows the current distribution of holders based on their average purchase price. Currently, more than 99% of FET holders are profitable. This means holders are not under pressure to avoid losses at current prices. Fetch.ai could enter a prolonged rally if it can break above its current resistance of $0.40, where 42 addresses have 336,000 FETs. The next critical resistance will be around $0.64, where 360 addresses can sell some of their 10.37 million FETs.
Still, the bears could invalidate this stance if the price of Fetch.ai drops below $0.30. If this support level fails to hold the price steady, the next stop could be $0.20, with 731 addresses buying 27.68 million FETs.
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