The price of Artificial Superintelligence Alliance (FET) has rebounded strongly, staying above $0.230 at the time of recording on Saturday after establishing an important support zone in the previous session. On-chain data improvements along with positive signals from the derivatives market are strengthening FET’s growth prospects in the coming days.
Whales accumulate FET, strengthening market sentiment
Supply distribution data from Santiment shows an upward trend as the number of large wallets (whales) continues to grow. Notably, wallets holding from 100,000 to 1 million FET and from 1 million to 10 million FET accumulated a total of 14.01 million tokens between March 14 and Friday. Conversely, wallets holding from 10 million to 100 million FET remained nearly unchanged. This indicates that smaller whales are actively taking advantage of the discounted price range to increase their positions, while larger holders maintain stable holdings.
FET supply distribution chart | Source: Santiment
Open interest and long positions increase, reinforcing the bullish trend
Derivatives data continues to support the bullish scenario. According to CoinGlass, open interest (OI) in FET futures surged to $81.19 million on Tuesday from $46.52 million recorded on Sunday — the highest since late January — before stabilizing around $70.14 million on Friday. This movement reflects new capital flowing into the market and indicates increasing buying pressure, supporting the upward momentum of the price.
FET open interest volume chart | Source: Coinglass
Meanwhile, the FET long/short ratio reached 1.15 on Friday, approaching a one-month high. Maintaining this ratio above 1 suggests market sentiment is leaning bullish, as most traders expect FET’s price to continue its upward trend.
FET long/short ratio chart | Source: Coinglass
Price forecast: Bulls are in control of momentum
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