FET Eyes a Major Breakout: Could We See a $3 Price Point Soon?

• FET bulls have already pushed the token higher by double digits in the past week.
• Market sentiment around the token has turned bearish in the past few days.

Super AI Alliance [FET] The stock price has been on a bull run over the past week, dropping to double-digit levels. The good news is that it is once again approaching a crucial resistance level.

A break above this level could be a big change for the symbol.

FET approaches target

Coin Market Cap Data Reports have revealed that FET has seen a price surge of over 15% in the past week. The past 24 hours have also been bullish as the token’s price has increased slightly. At the time of writing, FET is trading at $1.60 with a market cap of over $4 billion.

IMeanwhile, World of Charts, a popular crypto analyst, published, tweet It revealed quite a few interesting updates. According to the tweet, FET was on its way to showing an 80% price increase.

It is worth noting that the symbol is also approaching a vital resistance level of the expanding wedge pattern.

The pattern appeared in March, and since then, the token has been consolidating within it. In case of a breakout, investors may expect the token to reach $3.

Source:X

FET Stock Upside Prospects

AMBCrypto then examined the token’s on-chain data to see if a breakout could occur. We found that selling pressure on the token increased, which was bearish.

According to our analysis of Santiment charts, the supply of FET on exchanges has increased while the supply outside of exchanges has decreased. This clearly indicates that investors have been selling the token.

In addition, stock market flows have also increased, indicating heavy selling. The higher the selling pressure, the more likely it is to lead to a price correction.

Source: Santiment

Apart from that, we also found that the token’s weighted sentiment has decreased, meaning that bearish sentiment around FET has increased in the market. However, its social volume has remained relatively stable, reflecting its popularity in the crypto space.

Source: Santiment

Since the metrics gave mixed signals, we chose to take a look at the daily chart of the symbol to better understand what to expect.

Reads Super AI Alliance [FET] Price prediction 2024–2025

We found that Chaikin Money (CMF) flows have decreased. This indicates that there are opportunities for a price correction.

However, the MACD indicator remained in favor of the buyers as it showed a bullish crossover. If the FET bulls take control, the price could drop to $1. But if the uptrend continues, it will open a clear path for the token to touch $3 in the coming weeks.

Source: TradingView