FET is one of the few coins that made a new all-time high in 2024. This was significant because even Ethereum, which is #2 by market cap, could not achieve it — nor could XRP.
However, something dramatic happened to its price action afterward. It topped in March 2024 and then went through a massive correction of approximately 96%. The former hero coin suddenly appeared as an ordinary one. This was shocking for many analysts and investors.
Before we get into the current move, let's quickly go through its technical structure so these levels become useful for further tracking and assessment.
FET's price descended in three clear waves. The first wave bottomed in August 2024, the second in April 2025, and the third (most recent) in October 2025. The first two interim bottoms produced significant bounces of nearly 180% to 220%. However, those rallies were not strong enough to reverse the broader trend. The white strips on the chart mark those support zones.
As price continued to make lower lows, it formed a descending channel. The upper two lines of the channel act as resistance (shown in yellow). The lower channel line acts as support (shown in red).
The blue box highlights the current consolidation zone. Price is currently well-supported near a key immediate support level. The recent price action is showing signs of a bounce. There is a strong technical level above — a decisive move above it would break the descending channel and could indicate the start of a potential trend reversal.
At this stage, the downside pressure no longer appears dominant, and price has started bouncing. The height and sustainability of this bounce will be key in confirming whether a broader trend reversal is underway.