Fantom: 980% spike in big deals boosts FTM’s price

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  • Fantom surged by 11% in 24 hours.
  • Whale transactions rose by 980%, supporting the token’s 20% weekly gain.

As a seasoned crypto investor with a knack for spotting promising projects, I’ve been closely watching Fantom [FTM] and its meteoric rise. The 11% surge in just 24 hours and a steady 20% weekly gain have caught my attention.

Fantom [FTM] has carried the market attention by storm with its impressive price performance. Fantom has experienced a significant price surge, with an 11% hike in the past 24 hours.

According to CoinMarketCap data, the token has risen steadily by 20% in the past seven days.

Fantom’s impressive price surge

Over the past 24 hours, I’ve noticed a significant surge – an astonishing 980% increase – in the number of large transactions, as per data from IntoTheBlock. This suggests that the major market players are actively influencing the token price with their aggressive trading strategies.

As a crypto investor, I’ve noticed an unprecedented surge in whale transactions, which usually deal with substantial amounts of FTM. In just the past 24 hours, these whale activities have skyrocketed by a staggering 980%. This significant increase has piqued my interest and raised questions about potential market movements or institutional activity.

As a crypto investor, when I witness a significant surge in the number of ‘whales’ (major players), it typically signals their confidence in the market. This boosted faith often hints at an upcoming substantial price fluctuation.

Significant amounts of funds being shifted by whales suggest they are stockpiling, indicating a potential increase in their holdings, presumably with the intention of capitalizing on future profits.

This surge in whale activity adds more fuel to the already strong price rally, making Fantom one of the most gaining tokens this week.

Short term market sentiments indicates bullish signals

After examining the transactional data from the Coinglass exchange, we can gauge Fantom’s market trend. While there has been a predominant outflow since early September, the situation seems to be reversing now.

The data suggests a rapidly increasing trend in incoming flows, further reinforcing the possibility of a bullish surge for Fantom.

Furthermore, it’s worth noting that the long/short ratio data suggests an increase in long market positions, indicating a surge of optimistic sentiment.

Read Fantom’s [FTM] Price Prediction 2024–2025

If the current rate is more than one, it suggests that the Fantom bulls have the upper hand. If this positive trend continues, the token’s price might increase and attempt to break through stronger resistance levels.

Over the last week, Fantom has seen a significant surge of 20%, leaving most other assets trailing behind considerably. This impressive growth is attributed to heightened whale activity and the robust optimism pervading the Fantom network.

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2024-10-02 13:11