Fantom (FTM) Surges 17% Amidst Growing Ecosystem Interest
Fantom (FTM) Rockets 17% on Growing Network Interest
Fantom (FTM) has experienced a significant surge, climbing 17% over the past week, driven by increasing demand and a thriving network ecosystem. Data from IntoTheBlock reveals a strong support level between $0.47 and $0.48, indicating a robust foundation for the recent price jump.
Approximately 1,560 addresses have purchased 242.56 million FTM tokens in this range, highlighting the growing interest in the network. Renowned crypto trader Mister Crypto expressed his bullish sentiment on Fantom, stating, \”It’s one of my major holdings, and I believe it will eventually see a massive leg up.\”
Further evidence of rising network activity is reflected in the substantial increase in trading volumes, with CoinMarketCap reporting a jump of over 150% last week. The growing Total Value Locked (TVL), which has surpassed $77 billion, is fueling the expansion of Fantom’s DeFi ecosystem.
Fantom’s Thriving DeFi Landscape
The Fantom ecosystem continues to flourish, particularly in the decentralized application (dApp) space. According to DappRadar, dApp volumes soared from $3.4 million to $9 million within a single day, showcasing the network’s prominent role in the DeFi world.
Overcoming Key Resistance
While Fantom is displaying positive momentum, its ability to break through the crucial resistance level of $0.52 will be a significant test of its strength. The coin has repeatedly attempted to breach this level, resulting in bearish reversals. However, there are indicators suggesting a potential breakthrough.
Fantom’s Chaikin Money Flow (CMF) has flipped positive, indicating robust buying pressure. The On-Balance Volume (OBV) is also on the rise, accompanied by increasing trading volume. A decisive break above the OBV’s \”smoothing line\” would solidify the bullish trend.
Conquering the $0.52 resistance would pave the way for a potential rally towards the 1.618 Fibonacci level, at $0.63.
Fantom’s Future Looks Bright
Mister Crypto maintains a positive outlook on Fantom’s future, emphasizing the ongoing development happening behind the scenes. He believes that despite potential short-term fluctuations, Fantom is poised for significant long-term growth.
The upcoming Sonic upgrade, expected to launch by the end of 2024, holds tremendous promise for the network. This upgrade will introduce a new Fantom Virtual Machine, an optimized Lachesis consensus mechanism, and enhanced database storage. These advancements will further improve network speed and scalability, attracting developers and investors alike.
Fantom’s strong on-chain fundamentals, coupled with upcoming technical upgrades, position it for substantial growth in the coming years. Although breaking through the $0.52 resistance is crucial for short-term gains, the long-term outlook for Fantom remains positive, particularly with the impending Sonic upgrade and the continued expansion of the DeFi ecosystem.