Fantom rises by 11%, driven by a massive whale activity surge.
- Fantom surged by 11% in 24 hours. Whale transactions rose by 980%, supporting the token’s 20% weekly gain.
Fantom [FTM] has carried the market attention by storm with its impressive price performance. Fantom has experienced a significant price surge, with an 11% hike in the past 24 hours.
According to CoinMarketCap data, the token has risen steadily by 20% in the past seven days.
Fantom’s impressive price surge
According to IntoTheBlock data, the number of large transactions was up by 980% in the past 24 hours alone. The market’s big players have driven the token price aggressively recently.
Whale transactions, which typically involve quite a large amount of FTM, have increased massively by 980% in the last 24 hours alone.
Such a sharp increase in whales usually indicates confidence among major holders and often suggests that a major potential price movement is on cards.
Large sums moved by whales signal a larger accumulation trend, likely aimed at taking advantage of future gains.
This surge in whale activity adds more fuel to the already strong price rally, making Fantom one of the most gaining tokens this week.
Source: IntoTheBlock
Short term market sentiments indicates bullish signals
AMBCrypto further analyzed the Coinglass exchange net flow to access Fantom’s market direction. Though the outflow had been dominant since the beginning of September, currently the tables have turned.
The data indicates a steep and accumulating inflows which also support the Fantom potential bullish rally.
Source: Coinglass
To add on the aforementioned, the long/short ratio data also indicates a spike in the market long positions.
The ratio current stands above 1, indicating the Fantom bulls are in control. If the bullish sentiments tend to play on their favor the tokens price may surge to test higher resistance zones.
Source: Coinglass
With a 20% gain over the past 7 days, Fantom has outpaced other assets by far. The token’s rise can be linked to both increased whale activity and the overall positive market sentiment surrounding Fantom ecosystem.
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