The Artificial Superintelligence Alliance token, FET, has been making impressive strides recently, with a strong bullish momentum that has caught the attention of investors. After breaking through significant resistance levels, FET is now on track to potentially reach the $3 mark by the end of 2024. With key technical indicators and market sentiment aligning in its favor, the altcoin is setting the stage for further gains.

Strong Bullish Momentum Pushes FET Higher

FET has been riding a wave of bullish momentum, with 82% of holder addresses currently in profit at the present price. This strong performance is supported by a decrease in selling pressure and a surge in Open Interest, signaling increased investor confidence. The reduction in selling activity has allowed FET to maintain its upward trajectory, with many holders opting to keep their positions rather than liquidating them on exchanges.

According to data from IntoTheBlock, the low net deposits on exchanges in comparison to the 7-day average further suggest that many investors are holding their FET tokens, anticipating continued price appreciation. This is a positive sign for the altcoin, as it indicates a stable base for further growth.

Surge in Open Interest Boosts Bullish Sentiment

One of the most notable indicators for FET’s future potential is the sharp rise in Open Interest. This metric has reached its highest levels since March, when FET achieved its all-time high. A surge in Open Interest often signals growing participation from traders and is typically seen as a bullish signal for the market.

As interest in FET continues to increase, it becomes clear that market sentiment is aligned with the altcoin’s bullish trend. The reduced selling pressure combined with the surge in Open Interest positions FET for a potential breakout. With more traders getting involved, the altcoin could be setting up for an exciting end to 2024.

Breaking Through $1.85 Resistance: What’s Next for FET?

FET’s technical performance has been nothing short of impressive. The token recently broke out of a bullish pennant pattern, pushing past the critical resistance level of $1.85. This breakout is often a precursor to a more significant price rally, suggesting that FET could be entering a new phase of growth.

The next major resistance level for FET is at $3.45, and many analysts are closely watching whether FET can cross the $3 mark before the year concludes. With a strong technical setup, reduced selling pressure, and increasing trader interest, FET appears to have the potential to continue its upward movement toward this next milestone.

Key On-Chain Metrics Support Further Gains

The alignment of key on-chain metrics and bullish technical patterns paints a promising picture for FET’s future. A combination of reduced selling activity, rising Open Interest, and a successful breakout of $1.85 resistance provides a solid foundation for continued growth. If these trends persist, FET could be well on its way to testing new highs.

The current market conditions are favorable for altcoins like FET, and the token’s strong performance suggests that more gains could be on the horizon. With $3 as the next major milestone, traders and investors will be closely monitoring the token’s progress in the coming weeks.

Conclusion: Is $3 Within Reach for FET?

In conclusion, FET’s recent breakout and impressive technical performance have positioned the token as a standout in the altcoin market. The reduced selling pressure, growing Open Interest, and key technical levels suggest that FET could continue its rally, potentially reaching the $3 mark before the end of 2024.

As always, traders should remain cautious and keep an eye on key resistance levels and market sentiment. However, with the current bullish indicators in play, FET appears poised for a strong finish to the year.