- The bull rally might allow FTM to touch $1.09 soon.
- Fantom’s network activity also remained high throughout the last month.
Fantom [FTM] performed surprisingly well in the last 24 hours as it registered double-digit growth. While the token’s price gained bullish momentum, the blockchain’s network activity also increased last month, thanks to several developments in its ecosystem.
Fantom bulls are here
While the overall crypto market remained under bears’ influence, Fantom chose to move the other way around, as its weekly and daily charts were green.
According to CoinMakretCap, FTM was up by over 17% in the last week. Additionally, in the last 24 hours alone, the token’s value surged by over 12%. At the time of writing, FTM was trading at $0.9659 with a market capitalization of over $2.7 billion, making it the 44th largest crypto.
Thanks to the price uptick, the cryptocurrency market started to talk about Fantom, which was evident from the spike in its social volume. Bullish sentiment around the token also went up as its weighted sentiment shot up.
Source: Santiment
However, though social metrics looked bullish, investors might have chosen to sell FTM at a profit. AMBCrypto’s analysis of Santiment’s data revealed that FTM’s supply of exchanges rose while its supply outside of exchanges sank.
This clearly indicated that selling pressure on the toke was increasing. Moreover, whales were also not actively trading FTM, as its supply held by top addresses remained relatively flat last week.
Source: Santiment
Will this trend last?
We then took a look at Fantom’s liquidation heatmap to find the next possible target if the bull rally lasts. We found that a substantial amount will be liquidated when its price touches $1.09.
Therefore, the chances of FTM witnessing a slight price correction at that level could be expected.
Source: Hyblock Capital
To see whether FTM will manage to hit that level, we analyzed its daily chart. As per our analysis, the Chaikin Money Flow (CMF) registered a slight uptick.
The MACD also displayed a bullish advantage in the market, suggesting that the possibility of FTM touching $1.09 was high.
Source: TradingView
Network activity is stable
While the token’s price gained bullish momentum, Fantom’s network activity remained high. AMBCrypto’s analysis of Artemis’ data pointed out that the blockchain’s daily active addresses remained relatively high last month.
Thanks to the high number of active addresses, its daily transactions also remained pretty high.
Source: Artemis
Read Fantom’s [FTM] Price Prediction 2024-25
Fantom Insider recently posted a tweet, highlighting the developments around FTM that might have contributed to its high network activity.
During the last week, FTM’s Fantom Money Market, a lending and borrowing platform, reached over $340k in staking TVL. Moreover, 0xGasless, a multichain gasless infrastructure, also went live on the Fantom blockchain.