Fantom, the DAG-based good contracts platform providing Defi companies, has as soon as once more witnessed sturdy community exercise in current weeks. In the final 24 hours, the Fantom (FTM) value has surged by 13% capturing up all the best way to $0.81 with a market cap of $2.26 billion. Moreover, the each day buying and selling volumes for Fantom have additionally surged by 37% all the best way to $538 million.
Fantom Network Sees Strong Whale Activity
Renowned crypto analyst Ali Martinez delves into the dynamics of Fantom ($FTM), revealing promising traits inside the community. Martinez emphasizes that whereas the Fantom chart could seem advanced, it signifies notable developments.
Specifically, there was a marked enhance in whale transactions, accompanied by an increase within the holdings of main FTM buyers. Additionally, there was a notable discount in FTM balances held on exchanges.
These community traits are seen as key drivers behind the current surge in Fantom’s value. Martinez interprets these developments as indicative of a strong 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 enhance from $8.3 million on February 6, 2024, to $73 million by March 3, 2024, marking a formidable surge of roughly 780%. Concurrently, Fantom’s value skilled a powerful optimistic correlation, rising from $0.36 to $0.64 throughout the identical interval.
However, the transaction quantity skilled a downturn from its peak of $73 million on March 3 to $35 million by March 6. Such a fast decline of over 50% in transaction quantity inside a brief timeframe might point out a cooling off of exercise.
FTM Price Action
The majority of addresses, roughly 83.04% or 2,930, have acquired FTM at costs beneath the present market value of $0.83. This establishes a strong assist zone within the vary of $0.73 to $0.75, the place a major variety of purchases had been made.
Fantom reached a 52-week excessive immediately following a 20% value surge. At 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 prone to provoke a considerable rally towards the $1.1 vary.
The current launch of Fantom Sonic mainnet has elevated FTM’s publicity on social media. This improve contains enhancements to the Fantom Virtual Machine, promising improved pace and efficiency execution.
The offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
