Fetch.ai (FET) experienced a significant decline of over 22% within 48 hours after Ocean Protocol sold approximately 500 million FET tokens. The sale was part of Ocean Protocol's strategy to enhance liquidity following its exit from the AI Super Alliance. Despite the sharp drop, the ASI Alliance has assured that locked tokens remain secure and is considering new utility features, buybacks, or burns to stabilize the token.
Currently, FET is testing a critical demand zone around $0.31. Analysts indicate that if this support level holds, there could be a potential price reversal, with targets set between $0.45 and $0.55.
Fetch.ai (FET) Drops 22% Following Ocean Protocol's Token Sale
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