After witnessing a 65% value drop over the previous two months, the Synthetic Superintelligence Alliance (FET) seems prepared for takeoff, supported by bullish value motion on each weekly and day by day time frames. With an ongoing value restoration, FET tokens are gaining vital consideration from merchants and traders, which might assist the asset rebound quickly.
Present Value Momentum
At the moment, February 21, 2025, FET is buying and selling close to $0.778 after surging over 9.50% prior to now 24 hours. Throughout the identical interval, its buying and selling quantity elevated by 17%, indicating rising curiosity from traders and merchants in comparison with the day past.
FET Technical Evaluation and Upcoming Ranges
In accordance with CoinPedia’s technical evaluation, FET seems bullish and is poised for vital upside momentum, as its technical indicators are flashing a bullish divergence on the weekly timeframe. Moreover, FET appears to be forming a bullish double-bottom value motion sample and is presently on the verge of finishing its second upward leg.
Based mostly on historic patterns, if the asset holds above the $0.70 stage, there’s a robust risk it might surge by 45% to succeed in $1.10 within the coming days and by 165% general to reclaim the $2.05 stage, which FET misplaced in December 2024.
Buyers Bearish Outlook
Regardless of bullish momentum, some traders are offloading FET, as reported by the on-chain analytics agency Coinglass. Knowledge reveals that exchanges have witnessed an outflow of roughly $1.50 million price of FET tokens, suggesting that some holders have bought off their positions.
Main Liquidation Ranges
In the meantime, merchants betting on the lengthy aspect are presently dominating the asset. At press time, the over-leveraged ranges are $0.731 on the decrease aspect and $0.785 on the higher aspect, the place merchants have constructed hundreds of thousands price of lengthy and brief positions. Knowledge exhibits that merchants maintain $1.03 million price of lengthy positions on the $0.731 stage and $270,000 on the $0.785 stage.
When combining these on-chain metrics, it seems that some merchants are taking benefit of the present market sentiment, whereas others, pushed by concern, are dumping the asset.
