Fantom (FTM) Price Eyes Rally Above $1 Amid Strong Whale Accumulation
Highlights
- Nearly 3,000 FTM addresses have acquired the altcoin below $0.83 indicating strong support zone.
- Fantom whale transaction activity have been on the rise.
- The total number of Fantom (FTM) coins on the exchanges have been reducing.
Fantom, the DAG-based smart contracts platform offering Defi services, has once again witnessed strong network activity in recent weeks. In the last 24 hours, the Fantom (FTM) price has surged by 13% shooting up all the way to $0.81 with a market cap of $2.26 billion. Moreover, the daily trading volumes for Fantom have also surged by 37% all the way to $538 million.
Fantom Network Sees Strong Whale Activity
Renowned crypto analyst Ali Martinez delves into the dynamics of Fantom ($FTM), revealing promising trends within the network. Martinez emphasizes that while the Fantom chart may appear complex, it signifies notable developments.
Specifically, there has been a marked increase in whale transactions, accompanied by a rise in the holdings of major FTM investors. Additionally, there has been a notable reduction in FTM balances held on exchanges.
These network trends are seen as key drivers behind the recent surge in Fantom’s price. Martinez interprets these developments as indicative of a robust and optimistic market sentiment surrounding the cryptocurrency.
On March 3, 2024, the transaction volume for Fantom (FTM) in USD reached a significant milestone, totaling $235 million. Analyzing the growth in transaction volume throughout the month, there was a notable increase from $8.3 million on February 6, 2024, to $73 million by March 3, 2024, marking an impressive surge of approximately 780%. Concurrently, Fantom’s price experienced a strong positive correlation, rising from $0.36 to $0.64 during the same period.
However, the transaction volume experienced a downturn from its peak of $73 million on March 3 to $35 million by March 6. Such a rapid decline of over 50% in transaction volume within a short timeframe could indicate a cooling off of activity.
FTM Price Action
The majority of addresses, approximately 83.04% or 2,930, have acquired FTM at prices below the current market price of $0.83. This establishes a robust support zone in the range of $0.73 to $0.75, where a significant number of purchases were made.
Fantom reached a 52-week high today following a 20% price surge. At the time of writing, FTM is priced at $0.81, approaching a critical resistance level of $0.91. If FTM surpasses this resistance, it is likely to initiate a substantial rally toward the $1.1 range.
The recent launch of Fantom Sonic mainnet has increased FTM’s exposure on social media. This upgrade includes enhancements to the Fantom Virtual Machine, promising improved speed and performance execution. Earlier this week, Fantom opened up refunds to all those who were victims of the multichain exploit.
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