Fantom Witnesses a Surge in Large Transactions Driving FTM Price Up by 980%
Fantom cryptocurrency has captured the attention of the market with its remarkable price performance recently. Over the past 24 hours, Fantom has seen a substantial surge of 11% in its price.
According to data from CoinMarketCap, the token has been steadily rising, with a 20% increase over the last seven days.
Notable Surge in Fantom’s Price
Recent data from IntoTheBlock reveals that there has been a staggering 980% surge in the number of large transactions involving Fantom in the past 24 hours. This surge is largely attributed to significant activity from big players in the market, driving up the token’s price.
Whale transactions, which typically involve substantial amounts of FTM, have surged by 980% in the last 24 hours alone.
Such a sharp uptick in whale transactions often signifies confidence among major holders and indicates the potential for a significant price movement in the near future.
These large transactions by whales suggest a growing trend of accumulation, potentially in anticipation of future market gains.
This surge in whale activity has further bolstered the ongoing price rally, establishing Fantom as one of the top-performing tokens of the week.
Source: IntoTheBlock
Bullish Signals in Short-Term Market Sentiment
Upon analyzing the net flow on the Coinglass exchange, CryptoCrypto has observed a shift in Fantom’s market dynamics. While outflow dominated the market at the start of September, there has now been a noticeable influx of capital.
The data reflects a significant and accumulating inflow of funds, supporting the potential for a bullish rally in the Fantom market.
Source: Coinglass
Additionally, the data on the long/short ratio indicates a surge in long positions in the market.
The current ratio surpasses 1, signaling that the bullish sentiment is prevailing among Fantom investors. If these sentiments continue to favor the bulls, the token’s price could experience a surge, testing higher resistance levels.
Source: Coinglass
With a remarkable 20% increase in value over the past week, Fantom has outperformed many other digital assets. This surge in price can be attributed to the increased whale activity and the overall positive sentiment surrounding the Fantom ecosystem.