Fantom Price Rallies 63% Shooting Past $1, Where’s FTM Going Next?

Fantom price has been on a roll with 60% gains on the weekly chart. Smart contract platform Fantom’s native cryptocurrency FTM gained another 10.69% in the last 24 hours, shooting past an important milestone of $1. Also, the daily trading volume has shot up by 68% to $1.4 billion showing strong bullish sentiment.

Fantom Price Rallies 63% Amid Surge in Active Addresses

Just within the last six days, Fantom price has witnessed a remarkable 63% surge along with a notable increase in daily active addresses on the network. This surge is being driven by growing FOMO (fear of missing out) as new traders join the platform.

According to blockchain analytics firm Santiment, these sharp spikes in utility and address activity are often indicative of market tops, as seen in previous trends. As daily active addresses eventually taper off, analysts suggest this could present a strong entry point for potential investors.

Santiment has advised traders to keep a watch on Fantom’s address activity for any signs of a trend reversal. It also advised the traders to asses the broader market sentiment before making fresh moves.

While the Bitcoin price correction has intensified in the last four days, altcoins have also followed suit. However, Fantom price surge over the past week has been defying the market trend.

Will FTM Rally to $15?

Fantom’s upcoming “Sonic” upgrade could significantly influence the FTM token’s future. Investors are keenly observing whether the technological advancements will enhance FTM’s appeal or struggle to maintain its recent momentum as 2024 comes to an end.

The main goal of the “Sonic” upgrade is that developers plan to boost Fantom’s position in the DeFi industry. At one point, during the 2021 bull run, the Fanton DeFi TVL surged all the way to $15. However, it has now dropped to the low of $320 million. The upgrade will help revive Fantom’s position in the DeFi market.

Market analysts continue to stay bullish about Fantom price for the expected 2025 bull run. Crypto market analyst Captain Faibik said that FTM has given a major breakout on the multi-year chart and could rally all the way to $15 i.e. 15x gains from here. As of press time, FTM price is trading at $1.05 with its market cap just short of $3 billion.

In the short term, the next major resistance for Fantom (FTM) is at $1.20 breaking which, it can climb to subsequent targets of $1.62, $2.20, and $2.77.