Fantom surges 20%, has the bull market vehicle been activated? The next target is aimed directly at $1.71!

Fantom (FTM) tears through consolidation, skyrocketing over 18% in 24 hours, strongly breaking through a descending triangle, with bullish sentiment in full swing! The current trading price is $0.91, and market focus quickly shifts to the key resistance level of $1.14—once broken, it could potentially head straight to the target of $1.71!

Overall bullish technical outlook:

Breaking the descending triangle: a typical bullish pattern, strong buying has initiated a new upward trend.

Fibonacci 0.618 level stands firm, indicating that upward momentum remains ample.

Random RSI has not yet been overbought: there is still plenty of room, don’t be afraid to get in too late!

On-chain signals are also heating up:

Fantom's TVL (Total Value Locked) has surpassed the $9 billion milestone, with increasing ecological trust.

Large transactions have surged by 4.6%, suspected institutional sharks are entering the market, making early arrangements.

Net network growth is steadily rising, making Fantom's future story increasingly exciting.

However, the profit-taking pressure near the resistance zone should not be underestimated. The long-short ratio shows a slight advantage for shorts (52.79% vs 47.21%), rushing to $1.14 may trigger a new round of volatility.

Short-term traders should pay attention to risk control; if the $1.14 resistance is broken, the probability of a subsequent target of $1.71 is extremely high.

Long-term players, the fundamentals of the Fantom ecosystem are becoming increasingly solid, hold patiently, and reap your “DeFi fruits.”

Follow Uncle Qian, don’t get lost in the bull market, bringing you daily market clarity!