Crypto whales accumulation has skyrocketed in recent days. According to on-chain data from Santiment, the number of FET tokens held by wallets owning between 10 million and 100 million tokens increased from 591.45 million on September 27 to 689.94 million by September 30. This massive 100 million FET accumulation is worth nearly $100 million at the current price, demonstrating the strategic moves of large holders in anticipation of future price gains.
While FET experienced a 5.46% decline over the past seven days, the crypto whales accumulation signals a strong vote of confidence in the token’s long-term potential. As these whales double down, their buying spree has provided significant support to the token, sparking interest among other investors.
Whale activity often serves as a leading indicator for potential price movements in the market. When large holders accumulate, it’s usually a sign that they foresee bullish trends ahead,” commented crypto analyst and trader, Michaël van de Poppe. “FET’s fundamentals, combined with whale buying, suggest that this token could be poised for another leg up.
Crypto Whales Accumulation: AI and Migration Fuel Whale Demand
Part of the crypto whales accumulation strategy appears to be driven by the recent CUDOS (CUDOS) to FET migration, a major development within the AI-driven blockchain space. On September 26, the project disclosed that it had begun its migration to the Artificial Superintelligence Alliance and shared steps for transitioning from CUDOS to FET. Considering the development, it is likely to see a notable jump in FET’s market cap and possibly — its price.
This migration has stirred excitement, as it could bolster FET’s value proposition by expanding its market reach and utility. The potential influx of new users and developers into the FET network could significantly enhance its market cap and, ultimately, its price.
Speaking on the matter, John Wu, CEO of Ava Labs, noted, The convergence of AI and blockchain technologies is a trend that’s only going to grow. Projects like FET, which tap into both fields, are uniquely positioned to attract institutional attention. And where institutions go, whales often follow.
Despite the broader market experiencing periods of consolidation, crypto whales accumulation has held steady. The 20-day Exponential Moving Average (EMA) currently shows strong support for FET at around $1.52. This suggests that while the price has dipped slightly from its September highs, a rebound could be on the horizon.
IntoTheBlock data further reinforces this bullish sentiment, as the holding time for FET tokens has increased by a staggering 183.81% in the last 90 days. This indicates that many investors are choosing to hold onto their tokens rather than sell, creating a supply shortage that could contribute to price stability or even growth in the near future.
Price Prediction: Is $2 FET Imminent?
On September 25, FET’s price jumped to $1.70, fueling speculation that the AI coin could retest $2. But that did not happen, as the cryptocurrency is now down to $1.60. However, the crypto whales accumulation shows that major players believe the token still has room to grow.
For FET to hit $2 and beyond, it must first break through the critical resistance level at $1.70. If the whales continue to accumulate at this pace, there’s a strong possibility that the price could surpass the $2.03 target in the coming weeks. Conversely, But if FET bulls fail to gain the advantage and the token drops below the 20 EMA, the prediction might be invalidated, and the price could decline to $1.33.
However, the overall sentiment remains bullish. Crypto traders and analysts are closely watching the token, and with ongoing crypto whales accumulation, FET’s future looks promising. “The combination of whale activity, AI partnerships, and strong holding patterns all point to a positive outlook for FET in the short to medium term,” says Katie Stockton, Founder of Fairlead Strategies.
Crypto whales accumulation isn’t limited to FET. Across the broader cryptocurrency market, whale movements have been shaping price trends, particularly in tokens with significant growth potential. This accumulation phase often signals a bullish trend, as whales tend to make moves based on extensive market research and insights unavailable to smaller retail investors.
As a result, traders and investors keep a close eye on whale wallets, using their activity as a bellwether for market shifts. The recent accumulation of FET is a case in point, illustrating how whale movements can drive price action and influence market sentiment.
With the crypto whales accumulation trend continuing to gain momentum, FET is well-positioned for further price gains. The combination of technical support, whale accumulation, and promising developments within the FET ecosystem suggests that a breakout above $2 is not out of reach.
As always, investors should keep a close eye on whale movements and market developments, but the fundamentals point to a strong future for FET in the AI and blockchain space. Get more from The Bit Gazette
