The Fantom (FTM) price has increased by 25% in seven days, reaching a high of $0.51 on September 16. This is part of a recovery that began on August 6 and has seen the price rise by more than 40% in the past 30 days. According to data from Cointelegraph Markets Pro and TradingView, FTM has increased by 103% from $0.26 on August 5 to $0.53 on September 16. Bitcoin (BTC) has fallen by 4% in the past 30 days, while Ether (ETH) has lost 12.6%. The total crypto market cap has also decreased by 2.5% to $2.02 trillion.

Fantom’s performance over the past 30 days has made it one of the biggest gainers among the top 100 cryptocurrencies by market cap. Pseudonymous crypto trader and investor Mister Crypto attributed Fantom’s performance to “a lot of developments behind the scenes.” The Sonic upgrade will significantly improve the performance of the Fantom network and will be launched in November or December 2024.

While investor interest in Fantom’s DeFi ecosystem has not yet revived, TVL has increased by 22% since August 8, according to DefiLlama data. Glassnode data shows that daily active addresses (DAA) on the Fantom network have increased by 67%. FTM’s strong performance can be explained by relatively solid support. IntoTheBlock data shows that FTM is on strong support on its recovery path.

From a technical perspective, FTM is trading below the neckline of the inverse head and shoulders (IHS) pattern. This pattern is formed after an extended downtrend and is completed when the price breaks above the neckline. The FTM/USD chart shows a similar technical bullish setup. A daily close above the neckline could see FTM turn this level into support and increase the possibility of a rally to $0.81.

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