$FTM Fantom Price Soars 63% Beyond $1—What’s Next for FTM?
Fantom’s native token, FTM, is on an impressive rally, gaining 63% over the past week and crossing the crucial $1 mark. Over the last 24 hours, FTM added another 10.69%, with trading volume surging 68% to $1.4 billion—indicating strong bullish sentiment.
What’s Driving FTM’s Rally?
1. Increased Network Activity
FTM’s price surge has been accompanied by a spike in daily active addresses and heightened utility on the network. Blockchain analytics firm Santiment suggests that these trends often signal market tops, but they also present opportunities for long-term investors as activity eventually cools.
2. Defying Market Trends
Despite a recent correction in Bitcoin and other altcoins, FTM has outperformed the broader market, drawing attention from traders and analysts alike.
3. Upcoming Sonic Upgrade
Fantom’s Sonic upgrade, aimed at boosting its presence in the DeFi sector, is another catalyst for its bullish momentum. The upgrade is expected to revive Fantom’s DeFi Total Value Locked (TVL), which has dropped from $15 billion in 2021 to $320 million today.
Can FTM Reach $15?
Crypto analyst Captain Faibik predicts that FTM’s breakout on the multi-year chart could lead to a 15x rally, taking its price to $15 during the next major bull run. However, in the short term, key resistance levels to watch include:
• $1.20
• $1.62
• $2.20
• $2.77
As of now, FTM is trading at $1.05, with a market cap just shy of $3 billion.