Fantom (FTM) Price Set to Surge Above $1 as Whale Accumulation Rises
Fantom, the decentralized smart contracts platform known for its Defi services, has once again witnessed a surge in network activity. Over the last 24 hours, the price of Fantom (FTM) has experienced a 13% increase, reaching $0.81 and boasting a market cap of $2.26 billion. Trading volumes for Fantom have also risen by 37% to $538 million.
Crypto analyst Ali Martinez has analyzed the dynamics of Fantom’s network and highlighted promising trends. Notably, there has been an increase in whale transactions and significant growth in the holdings of major FTM investors. Additionally, there has been a decrease in FTM balances held on exchanges.
These network trends have played a crucial role in driving Fantom’s recent price surge. Martinez sees this as a reflection of a strong and optimistic market sentiment surrounding the cryptocurrency.
On March 3, 2024, Fantom recorded a significant milestone in transaction volume, reaching $235 million in USD. Throughout the month, there was steady growth, with transaction volume rising from $8.3 million on February 6, 2024, to $73 million by March 3, 2024, representing a remarkable surge of approximately 780%. During the same period, Fantom’s price showed a strong positive correlation, rising from $0.36 to $0.64.
However, transaction volume experienced a decline from its peak of $73 million on March 3 to $35 million by March 6. This sharp drop of over 50% in a short timeframe suggests a potential cooling off of activity.
The majority of FTM addresses, around 83.04% or 2,930, have acquired FTM at prices below the current market price of $0.83. This establishes a strong support zone in the $0.73 to $0.75 range.
With Fantom reaching a 52-week high following a 20% price surge, its current price of $0.81 is approaching a critical resistance level at $0.91. If FTM manages to surpass this resistance, it is likely to trigger a substantial rally targeting the $1.1 range.
The recent launch of the Fantom Sonic mainnet has also increased FTM’s exposure on social media. This upgrade includes enhancements to the Fantom Virtual Machine, promising faster speed and improved performance execution. Additionally, Fantom recently started offering refunds to those who fell victim to the multichain exploit.
Overall, these factors indicate a positive outlook for Fantom, with the potential for further price gains and increased adoption in the future.