• Artificial Superintelligence Alliance price rebounds on Friday after finding support around the key level the previous day.
• On-chain data paints a bullish picture as certain whales are accumulating FET tokens.
• Derivatives markets show improving sentiment, with rising open interest alongside increasing long bets.

Artificial Superintelligence Alliance (FET) price rebounds, trading above $0.230 as of writing on Friday after finding support around a key level the previous day. Strengthening on-chain data and improving derivatives metrics support further gains for the FET token in the upcoming days.

Whales accumulate FET tokens, boosting sentiment

Santiment’s Supply Distribution data supports a bullish outlook for the FET token, as the number of large-wallet holders (whales) is increasing. 

The metric indicates that whales holding between 100,000 and 1 million FET tokens (red line) and 1 million and 10 million FET tokens (yellow line) have accumulated a total of 14.01 million tokens from March 14 to Friday. During the same period, wallets holding between 10 million and 100 million remain steady. This shows that the first set of whales seized the opportunity and accumulated FET tokens at a discount, while the second set of whales remained broadly steady.

Rising open interest and long bets, strengthening bullish sentiment

The derivatives data also support a bullish outlook. CoinGlass’s data shows that the futures’ Open Interest (OI) at exchanges in FET reached $81.19 million on Tuesday, up from $46.52 million on Sunday, levels not seen since the end of January, and has been steadily increasing to around $70.14 million on Friday. An increasing OI represents new or additional money entering the market and new buying, which could fuel the current FET price rally.

In addition, Coinglass’s long-to-short ratio for FET stands at $1.15 on Friday, nearing the highest level over a month. This ratio, being above one, indicates that traders are betting on the FET price to rally. 

Artificial Superintelligence Alliance Price Forecast: Bulls are in control of the momentum

Artificial Superintelligence Alliance’s price is trading above $0.240 as of Friday after rallying over 33% so far this week. The near-term bias turns bullish after the pair broke above the long-running descending trendline, with price now extending away from clustered 50-day, 100-day Exponential Moving Averages (EMAs) near $0.186 and $0.217, respectively. 

Momentum readings back the emerging upside, as the Relative Strength Index (RSI) on the daily chart holds in bullish territory above 60, and the Moving Average Convergence Divergence (MACD) indicator trades above its signal line and the zero line, with a positive histogram, signaling strengthening buying pressure after the recent surge in volume.

Initial support is seen near $0.220, where the recent breakout area and 100-day EMA converge, followed by firmer support at $0.193, marked by a prior horizontal floor and proximity to the rising 50-day EMA. 

On the topside, immediate resistance stands around the 23.6% Fibonacci retracement at $0.295 measured from the $0.113 low to the $0.886 high, with a break there opening the way toward the horizontal barrier at $0.376. A daily close back below $0.193 would weaken the bullish structure, while holding above this level keeps the current recovery phase in play.

(The technical analysis of this story was written with the help of an AI tool.)