Are whales on sale now?

Bullish signals from the broader market have pushed many cryptocurrencies to new heights, along with the price of Fetch.ai (FET). The altcoin followed Bitcoin to record highs on Wednesday.

But while this is a moment of celebration, some FET holders seem to be taking a different route. Could this have a negative impact on altcoins?

Fetch.ai pricing is at another level

The Fetch.ai price surged to an all-time high of $2.00 this week, reflecting an incredible 200% rise over the past three weeks. During this rise, FET noticeably established support levels at $1.05 and $1.70, indicating stability even during the upward trajectory. This surge highlights the growing interest and confidence in the asset within the cryptocurrency market as investors react to its potential and performance.

This was also reflected in the overall bullish sentiment across the network, as investors have seen consistent gains since February 19th. On this day, FET price broke the previous all-time high of $0.90 and all holders recorded gains.

According to the Global In/Out of the Money (GIOM) indicator, 100% of the total circulating supply of FET is benefiting investors. The last group to benefit was the cohort with 18,350 FETs worth $36,700, purchased at an average price of $1.82.

This shows that despite continued gains and confirmed profits, investors are still accumulating FET. As a result, it provides support for further price increases. The same goes for the decline in FET balances on exchanges. This is usually a sign of potential buying interest in the cryptocurrency asset, confirmed by investor action, which could continue the upward trend.

FET Price Prediction: Whales May Not Be on the Same Page

FET whale addresses have been in the process of reducing their holdings since FET prices hit previous highs in mid-February. Since then, the large wallet has sold approximately 8.45 million FETs worth approximately $17 million.

These addresses, which hold between 100,000 and 1 million FETs, appear to have the opposite mindset from the average investor. Moreover, their activity has determined past FET price action as buying in the past has led to price increases while continued selling has led to price declines.

Additionally, the Relative Strength Index (RSI) indicates that FET is currently overbought, indicating that the bullish sentiment is saturated. Therefore, if these whales continue to sell, FET prices may fall. This could potentially push the altcoin back to $1.71, invalidating the bullish argument.