FET Faces Major Decline Amid Whale Sell-Offs, Reaching Lowest Point in Four Months
The Super AI Alliance token (
$FET ) has seen a significant drop in price, sinking to $1.08, marking its lowest value since September 2024. This decline has coincided with a notable increase in selling activity from large holders, or "whales," who have offloaded more than $25 million worth of FET tokens. The resulting selling pressure has driven the token's value down by approximately 7%, fueling concerns about its potential for further losses.
On-chain data from Santiment reveals that entities holding between 10 million and 100 million
$FET tokens have been major contributors to this downward trend, collectively liquidating a substantial portion of their holdings over the past week. This large-scale sell-off has led to an imbalance in supply and demand, which has placed significant downward pressure on the token. If this trend continues, FET could face further declines as it tests new support levels.
Investor sentiment surrounding FET has also taken a hit, with the weighted sentiment indicator registering a negative reading of -0.41. This suggests that market participants are increasingly wary of the token's prospects, leading to reduced demand. Additionally,
$FET is now trading below its 20-day Exponential Moving Average (EMA), a technical signal often associated with weakening momentum in the market. As bearish sentiment continues to dominate, traders remain uncertain about FET's immediate f
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