Fantom [FTM] crypto price prediction: Why $1.6 is near

Fantom will upgrade to a faster and cheaper Sonic mainnet.
Will a short squeeze push FTM above the $1.6 roadblock?

As a seasoned researcher with years of experience in the crypto market, I can confidently say that Fantom’s [FTM] upcoming mainnet upgrade to Sonic [S] and the potential short squeeze could indeed push FTM above the $1.6 roadblock. The bullish market structure, strong demand indicated by RSI and CMF, and the accumulation spree by dominant whale wallets all point towards a bullish trend for FTM.

This coming 15th of December, Fantom (FTM) surged by approximately 16%, gearing up for a significant update and rebranding to Sonic (S), which is set to take place this week.

The upgrade will make the L1 blockchain faster, cheaper, and developer-friendly. All these will make it more competitive against rivals like Solana [SOL], Ethereum [ETH], and Avalanche [AVAX].

In addition, the fresh token, Sonic [S], will be exchanged at a rate of 1 for FTM to preserve its worth. Could the updated storyline potentially elevate the token’s value?

Fantom [FTM] crypto price prediction

For the past three days, Fantom (FTM) has fortified its position around the March high of $1.2, acting as a support. This bullish market setup might encourage optimistic investors to aim for potential increase targets, possibly reaching $1.6 or even $2.38.

In recent times, the Relative Strength Index (RSI) has surged into overbought territory, suggesting robust demand for Fantom (FTM). Additionally, the rising Chaikin Money Flow (CMF) hints at continued interest in FTM, which might be a sign of further demand.

But flipping $1.6 into support could accelerate FTM’s odds of pushing higher ahead of the upgrade.

Mixed whale signals

For the last 10 trading days, large investors (whales) who hold between 10 million and 100 million FTM have bought approximately 24 million tokens. However, a different group of whales possessing between 1 million and 10 million FTM has been offloading their tokens instead.

Approximately 500 million FTM were stored in wallets that belong to whales with between 10 million and 100 million dollars’ worth of assets, a significantly larger amount compared to the whales with between 1 million and 10 million dollars’ worth of assets, who held around 210 million FTM.

In other words, the continued buying pattern from major investors indicates they are confident about the token’s price increase.

Read Fantom [FTM] Price Prediction 2024-2025

For now, the liquidation chart indicated significant short closures at $1.5 (prominent high points) and prolonged open positions at $1.38. Generally, market behavior tends to align with liquidity levels.

In simple terms, the liquidity sweep for FTM (Fantom) means it could access two pools of liquidity. If this happens, breaking through the resistance at $1.6 might occur due to a short squeeze, which could be triggered if the price surges above $1.5.

2024-12-17 00:07

Fantom [FTM] crypto price prediction

Mixed whale signals

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