FET Rally Gains Momentum, but Key Liquidation Zone Looms

FET has surged more than 15% in recent days, driven by strong perpetual market positioning and spot buying demand. The token reached around $0.15 as traders increased their long positions.

Perpetual traders continue to favor FET long positions, with the open interest weighted funding rate climbing to 0.0210%, its highest level since June 20. This increase in funding suggests stronger demand for leveraged long exposure.

Despite the bullish momentum, one key liquidation zone around $1.2 could trigger a reversal if selling pressure increases. Traders should be cautious of this area and treat it as a potential retracement zone.