Fantom's FTM Token Surges 20% as Whales Accumulate
Fantom's FTM token has surged by approximately 20% over the past two days, sparking speculation about continued bullish momentum. This significant price increase comes after the altcoin successfully breached the critical Fair Value Gap around $0.435, which could serve as a launchpad for a new bull run.
The recent rally is accompanied by a notable increase in whale activity, as indicated by a 194% surge in large transactions over the last 24 hours. This suggests that major investors are accumulating Fantom at current discounted price levels. Historically, such whale actions have preceded substantial price movements, hinting at the possibility of sustained bullish momentum for FTM.
Additionally, Fantom's MVRV ratio currently stands at -100%, according to Santiment data. A negative MVRV ratio typically signals that an asset is undervalued, and when this ratio remains negative, it suggests that many investors are holding at a loss. This could pave the way for a price recovery, as market participants look to buy at discounted levels to target higher resistance zones.
Fantom's impressive strength following the breach of the key Fair Value Gap, coupled with increased whale accumulation and a favorable MVRV ratio, indicates that the token is in a strong recovery phase from its recent significant dips. The recent bullish momentum suggests that buyers are stepping in to drive prices higher, potentially leading to FTM reaching higher resistance levels in the coming days.
