Fantom’s support level has been firmly set around $0.54, demonstrating resilience in the face of recent market fluctuations.
The altcoin’s price behavior reveals a distinct consolidation trend, with trading activity currently centered on this crucial psychological threshold.
This comes in the wake of Fantom’s impressive recovery from its previous lows.
Increased Involvement of Major Players in Fantom
Analysis of recent data from IntoTheBlock indicates a significant rise in whale addresses and a steady growth in active addresses.
The network has witnessed approximately 960 active addresses, pointing to continued institutional interest. Typically, such activity hints at impending significant price movements, as large holders tend to accumulate during consolidation phases.
Uptick in Social Metrics for Fantom
Additionally, social volume metrics for the altcoin show a notable increase, reaching levels not seen since September 2024.
The heightened social engagement aligns closely with past Fantom price surges. The current spike in social volume, coupled with heightened trading activity, indicates a growing focus from the market.
Bullish Trends Emerge for Fantom
Building on the positive indicators, further analysis from CryptoCrypto looks into Santiment’s long/short ratio data to gauge market sentiment.
The altcoin’s long/short ratio has surpassed 1.07, signaling a clear bullish inclination among traders. This shift in sentiment carries weight, especially given Fantom’s recent consolidation phase.
Current data reveals that 51.71% of positions in Fantom are now long, with shorts declining to 48.29%, hinting at a potential reversal in trends.
Future Prospects for FTM
The combination of heightened whale activity, positive social sentiment, and bullish positioning sets the stage for potential upward movement.
Based on past patterns, when these metrics align, Fantom often sees sustained price appreciation.
The current retesting of the $0.57 support level could act as a catalyst for the next upswing, particularly if social engagement continues to climb.