The price of Artificial Intelligence Super League [FET] has recently increased by 1.93% to $1.93. This positive trend is accompanied by a significant increase in trading volume and market capitalization.

After a surge in trading volume, it has continued to stabilize at $823.19 million, and the cryptocurrency market value has reached $4.71 billion. This may mark the beginning of a sustained rise in FET, and further increases are expected in the coming days.

FET is ready for double-digit trading

One crypto analyst is bullish on FET as the asset is trading inside an ascending triangle pattern.

This triangle pattern is also known as an ascending channel and occurs when the price fluctuates between a horizontal resistance line and a diagonal support line.

Currently, FET has broken through the resistance level and is expected to continue to rise.

Analysts believe that FET has two potential short-term targets: $3 and $5. These levels are expected to coincide with market profit-taking activities.

In the long run, FET may trade higher, with the potential to break through the $10 mark, which indicates that its price will rise significantly from its current levels. The current market sentiment is generally bullish, and large investors or "whales" play a key role in driving the optimism about FET.

Whales drive FET’s current growth

Data from IntoTheBlock shows that a large amount of whale activity has driven FET's recent market movements.

It is worth noting that the number of large transactions has increased significantly, with a surge in trading volume in the past 24 hours, with a total of 150 large transactions recorded.

Additionally, the average trade size has increased, with the 7-day moving average currently sitting at $29,168.51.

Such a large increase in average trade size suggests that large investors or “whales” may be behind the current activity, with FET being the asset of interest.

If whale interest in FET remains strong and positive, the asset is expected to continue its bullish trajectory.

Is the road ahead clear?

Now, while it is almost certain that the price will rise to $3, according to our analysis of Santiment data, buying pressure has been high. This is evidenced by the increase in FET supply outside exchanges, and the decrease in supply on exchanges. The surge in exchange outflows is further evidence that investors are buying FET. However, the whales have other plans.

The supply of tokens held by the top addresses has dropped, indicating that some wealthy individuals have sold their holdings. This could be a profit-taking move, which usually leads to a price correction.

The technical indicator MACD is showing a clear bullish edge in the market. Moreover, the Chaikin Money Flow (CMF) is also climbing on the chart.

Its rising value means that buying pressure is also rising, and they are net gains across the board. Taken together, these indicators suggest that the price will continue to rise to $3.

However, it is worth mentioning that the coin’s price has hit the upper Bollinger Bands at press time. Whenever this happens, a price correction is likely.

More FET holders optimistic

Not only are large holders optimistic about FET, small holders are also showing bullish sentiment.

According to data from IntoTheBlock, which reflects the number of profitable tokens at current prices, 82% of FET holders are in profit, while 14% are in the red and 5% are breaking even.

When a larger percentage of holders are profitable, it incentivizes the asset to continue its upward trend.

In this context, the price decline may be viewed as a temporary retracement, with the overall upward momentum expected to continue.

If this trend continues, double-digit FETs in the near term are certainly achievable, although there may be short-term fluctuations along the way.