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The Artificial Superintelligence Alliance (FET) remains on investors’ radar, especially as AI coins are one of the best performing altcoins this cycle. Over the past 365 days, FET’s price has increased by a staggering 585%.

However, maintaining this momentum has been a challenge for the token over the past two quarters. Despite this, FET holders are not letting their guard down. Instead, on-chain data shows growing confidence, which could be crucial in taking the altcoin back to its all-time high.

Investors appreciate the Artificial Super Intelligence Alliance

In March, FET hit a new all-time high of $3.47. This was before the ASI merger, which saw the token partner with SingularityNET (AGIX) and Ocean Protocol (OCEAN). However, FET is now 60% lower than that peak.

However, Coin Holding Time reveals that holders have been holding back on selling. Coin holding time shows the length of time a cryptocurrency is held without being sold. As it increases, there is less selling pressure.

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Conversely, a decline in this metric suggests a decline in confidence in altcoin holdings. In the case of FET, the holding period has increased by nearly 500% this week, demonstrating renewed confidence in the long-term potential of the token.

FET Coin Holding Period. Source: IntoTheBlock

Furthermore, the funding rate, which fell into negative territory on October 5, has rebounded to positive territory. The funding rate is the cost of maintaining an open position in the derivatives market and serves as a measure of investor expectations.

When it is positive, buyers are paying sellers and most traders are betting on a price increase. On the other hand, negative funding shows that short positions are dominant and most traders are anticipating profits from a price decrease.

Therefore, the positive funding rate in the FET situation strengthens the owner's confidence in the altcoin.

FET funding tax. Source: Santiment

Price Prediction

From a technical perspective, the FET price has rebounded from the $1.26 support level. As a result, the token has retested $1.40. However, the altcoin may face resistance at $1.85. However, historical data suggests that this level is crucial to sustain the price increase.

For example, in March, as soon as FET hit $1.85, consistent bullish engulfing candles ensured that the price rose to $3.08. Something similar happened in April when FET rose to $2.50 after falling to that level.

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Therefore, if the FET price continues to increase, it could increase up to 115%. If this happens, the altcoin's value could reach $3.08 and could rise to $4 in the coming months.

FET Daily Price Analysis. Source: TradingView

However, investors and traders should be cautious. If FET faces rejection at $1.85, the price could fall sharply and a drop to $1.26 could be the next step.$FET