FTM Breaks Out, Bulls Test Key Resistance

Fantom, a high-performance blockchain platform, has shown signs of strength in recent days, with its native token FTM breaking out of a descending symmetrical triangle. At press time, FTM was trading at $0.5425, reflecting a 6% increase over the past 24 hours. On-chain data revealed significant growth in network activity, adding to the bullish momentum.

Notably, the number of holders "in the money" has increased by 20.20%, indicating that more investors are now in profit. However, key resistance levels still pose challenges that could determine the token's next move. FTM addresses are growing, with New Addresses increasing by 35% in the past week, signaling growing adoption and user engagement. Active Addresses have risen by 10%, reinforcing the network's expansion. However, a 52.86% jump in Zero-Balance Addresses suggests some traders may be exiting or consolidating funds, which could potentially slow down FTM's momentum.

Transaction data presents a mixed picture. Small transactions under $1 have surged by 60%, indicating increased retail activity. Additionally, transactions between $1 and $10 have grown by 4.76%, suggesting an influx of smaller investors. However, mid-sized transactions between $10 and $100k have declined, showing that larger players are currently less active. Meanwhile, transactions exceeding $1 million have disappeared entirely, falling by 100%. This shift indicates that institutional and high-net-worth investors are staying on the sidelines.

FTM has successfully broken out of its descending symmetrical triangle, a bullish signal. The price is now testing crucial resistance at $0.56, which will determine its short-term direction. If it breaks through, the next major levels to watch are $0.85 and $1.43. However, failure to hold above $0.56 could lead to a pullback toward $0.40-$0.45. Market momentum remains in favor of bulls, but resistance levels must be cleared for a sustained uptrend. The coming days will be crucial for determining whether FTM will continue its climb or face rejection.

The MVRV Long/Short Difference has dropped sharply, signaling a shift in market sentiment. When this metric declines, it often indicates that traders who bought lower are now securing profits. This could