FET Climbs 15.5% as Retail Demand Clashes With Whale Selling

FET Climbs 15.5% as Capital Rotates Into AI Sector

The Artificial Superintelligence Alliance (FET) token registered a sharp 15.5% gain on March 24, establishing a local high of $0.239 before settling near $0.238. The move began after the token successfully defended the critical $0.20 support level, signaling renewed buyer interest. This price action flipped the token's price above its 9-day moving average, a technical indicator of strengthening short-term momentum.

The advance was not isolated, as capital flowed back into the artificial intelligence crypto category. Other major AI-related tokens, including Bittensor (TAO) and Render, also posted rebounds. The rally occurred as the broader crypto market recovered, with Bitcoin reclaiming the $70,000 level, improving overall market sentiment and increasing speculative demand for altcoins.

Exchange Outflows Hit 1.5M FET, Signaling Buyer Control

On-chain data reveals that strong retail buying is a primary driver of FET's recent price increase. In a 24-hour period, exchange netflows for FET turned sharply negative to -1.5 million tokens, a dramatic reversal from a positive flow of 7,000 tokens the previous day. This shift was driven by 17.7 million FET tokens flowing out of exchanges, compared to just 16.2 million flowing in, indicating that buyers are moving assets into private custody and away from trading venues.

This trend has reduced the immediately available supply of FET for sale. The token's reserve on exchanges has plummeted to 384 million, a new low for 2024. A diminishing exchange reserve alongside price appreciation typically suggests reduced selling pressure and growing scarcity, which can fuel further upward momentum.

Whales Sell Into Rally, Creating Resistance Below $0.25

Despite the bullish retail activity, large-scale investors are actively selling into the rally, creating a significant headwind. Data shows that spot market "whales" have been aggressively placing sell orders in the $0.20 to $0.22 price range. This concentrated selling pressure from large holders has historically weakened market advances and often precedes price declines.

This divergence creates a precarious situation for FET. While momentum indicators like the MACD (at 0.016) validate the current upward trend, the persistent whale selling acts as a cap on prices. For the rally to continue, FET must overcome the immediate resistance at $0.25 to target the $0.30 level. However, if whale selling intensifies, the token risks a pullback toward the $0.22 or $0.20 support zones.