The Artificial Superintelligence Alliance (FET) has experienced a significant downturn in value within the past week. Currently, the AI Agent token is trading at $1.08, its lowest point since September 2024.

This decline in price is attributed to a decrease in whale activity, as major holders have been selling off substantial amounts of FET tokens in recent days.

Whales Unload FET Holdings

Data from Santiment reveals that whales holding between 10,000,000 and 100,000,000 FET have sold more than $25 million worth of tokens in less than a week, resulting in a 7% reduction in FET’s value during this period.

Large selloffs by whales involve dumping significant quantities of a token into the market, leading to oversupply and pushing prices downward. This selling pressure often surpasses buying demand, causing a decrease in the token's value.

Market reaction to these selloffs can heighten uncertainty, potentially triggering further price declines if the trend persists.

Furthermore, FET's negative weighted sentiment reflects a bearish sentiment toward the token, currently standing at -0.41. This negativity signals growing skepticism among investors about FET's short-term prospects, resulting in reduced trading activity and price depreciation.

On the price analysis front, FET is trading notably below its 20-day exponential moving average (EMA) on the daily chart. This EMA, which emphasizes recent prices, indicates potential bearish momentum when an asset's price falls below it. The current trajectory suggests a possible decline to $1.02, with further downside to $0.70 if support at $1.02 falters.

Nevertheless, a shift in market sentiment and increased demand for FET could overturn this bearish outlook, potentially driving the token's price towards $1.29.