FET Rally Fueled by Strong Spot Demand and Whale Involvement

Fetch.ai (FET) has seen a significant price surge of over 15% in just 24 hours, pushing its value to $0.15 on the charts.

This rally is expected to maintain its bullish trend in the short term due to several market conditions in both the perpetual and spot markets suggesting a strong foundation.

The long positions in FET's perpetual market have held their ground, with most positions remaining long, driven by a positive Open interest weighted funding rate that has surged to 0.0210% since June 20th.

Spot demand also shows stronger buying activity than sell pressure, with $16.81 million worth of FET moved out of exchanges into private wallets, indicating growing spot purchases that are important for maintaining the bullish price trajectory.