Fantom (FTM) Price Eyes Rally Above $1 Amid Strong Whale Accumulation

Fantom, the DAG-based sensible contracts platform providing Defi providers, has as soon as once more witnessed sturdy community exercise in latest weeks. Within the final 24 hours, the Fantom (FTM) value has surged by 13% taking pictures up all the best way to $0.81 with a market cap of $2.26 billion. Furthermore, the day by day buying and selling volumes for Fantom have additionally surged by 37% all the best way to $538 million.

Fantom Community Sees Sturdy Whale Exercise

Famend crypto analyst Ali Martinez delves into the dynamics of Fantom ($FTM), revealing promising developments throughout the community. Martinez emphasizes that whereas the Fantom chart might seem advanced, it signifies notable developments.

Particularly, there was a marked improve in whale transactions, accompanied by an increase within the holdings of main FTM traders. Moreover, there was a notable discount in FTM balances held on exchanges.

These community developments are seen as key drivers behind the latest surge in Fantom’s value. Martinez interprets these developments as indicative of a sturdy and optimistic market sentiment surrounding the cryptocurrency.

On March 3, 2024, the transaction quantity for Fantom (FTM) in USD reached a major milestone, totaling $235 million. Analyzing the expansion in transaction quantity all through the month, there was a notable improve from $8.3 million on February 6, 2024, to $73 million by March 3, 2024, marking a powerful surge of roughly 780%. Concurrently, Fantom’s value skilled a robust optimistic correlation, rising from $0.36 to $0.64 throughout the identical interval.

Nonetheless, the transaction quantity skilled a downturn from its peak of $73 million on March 3 to $35 million by March 6. Such a speedy decline of over 50% in transaction quantity inside a brief timeframe might point out a cooling off of exercise.

FTM Worth Motion

The vast majority of addresses, roughly 83.04% or 2,930, have acquired FTM at costs under the present market value of $0.83. This establishes a sturdy assist zone within the vary of $0.73 to $0.75, the place a major variety of purchases have been made.

Fantom reached a 52-week excessive right this moment following a 20% value surge. On the time of writing, FTM is priced at $0.81, approaching a important resistance stage of $0.91. If FTM surpasses this resistance, it’s more likely to provoke a considerable rally towards the $1.1 vary.

The latest launch of Fantom Sonic mainnet has elevated FTM’s publicity on social media. This improve consists of enhancements to the Fantom Digital Machine, promising improved velocity and efficiency execution.