TL;DR
- Whale activity on Fantom has reached its highest point in a year, driving large capital movements.
- Fantom formed a golden cross, suggesting a short-term continuation of its upward trend.
- FTM trading volume has increased by 140%, while funding rates have also risen.
Fantom (FTM) has recently caught the attention of the crypto market due to a significant increase in whale activity, which has driven substantial transaction volumes.
In the past 24 hours, large-scale transactions exceeding $100,000 have jumped from 3 million to 201 million, representing the highest level of activity in a year.
This surge has raised expectations for possible major price movements in FTM.
According to CoinMarketCap data, trading volume has also spiked by 140%, indicating growing interest in the asset.
At the same time, Fantom has formed a technical pattern known as a golden cross, where the 50-day moving average has surpassed the 200-day moving average, a classic sign that the uptrend may continue in the short term.
This cross, backed by increased buying volume and whale activity, strengthens the positive sentiment towards the token. The original source of this information comes from data analysis by IntoTheBlock and other platforms like CoinGlass.
On the other hand, FTM’s net flows on exchanges have been predominantly negative in recent days, indicating that investors are withdrawing their tokens from trading platforms.
This trend reduces selling pressure, which could allow Fantom to extend its bullish rally.
Currently, the token is trading at $0.7189, down 3.65% in the last 24 hours, but still showing signs of strength despite short-term volatility.
Possible 20% Rally for Fantom
With Fantom approaching a key resistance level at $0.797, some analysts predict that if it breaks this level, it could trigger an additional 20% rally, pushing its price to around $0.902 based on Fibonacci projections.
However, if buyers fail to sustain the current momentum, FTM could retreat to support near $0.732.
Additionally, funding rates, which have reached their highest level in the past week, suggest that traders are taking long positions, betting on a continued bullish trend.
This willingness to pay more to hold long positions is a clear sign of optimism about the token’s near future.
With a market cap of $2.02 billion, Fantom remains one of the strongest projects in the cryptocurrency ecosystem, despite competition and recent price corrections.
