beincrypto.com
A significant transaction has caught the attention of traders and analysts. A savvy investor has recently acquired a substantial amount of Fantom (FTM) tokens, signaling a potentially strategic move.
This purchase reflects the transparency of the crypto market, where large-scale investments that influence market trends can be detected on time.
Savvy Investor Buys Fantom
A prominent trader, identified by the blockchain address 0xd87666833ba1b370ac77f609696267ea8f30a727, has made a hefty purchase of 3.18 million FTM tokens. This latest transaction, valued at approximately $2.26 million, was executed over a span of five hours. That has marked a bold bet on the future of FTM.
According to blockchain analytics platform Spot on Chain, this strategic accumulation of FTM by the trader follows a previous successful trade where he netted a profit of $1.67 million, a remarkable 148% gain. On January 24, 2024, the trader initially bought 3.389 million FTM for $1.13 million and sold all tokens on March 19, 2024, for $2.8 million USD.
These transactions reflect the trader’s adeptness in navigating the crypto market’s fluctuations.
Read more: Fantom (FTM) Price Prediction 2024/2025/2030
Fantom faces resistance as it currently trades around $0.71. Historical data indicates that the $0.79 to $0.82 range forms a robust resistance block, challenging to breach.
These levels have acted as both support and resistance in the past, making them critical markers for future price movements.
Despite the current bullish actions of some investors, the broader market sentiment remains cautious. Analysts are watching the $0.79 mark, which could either catalyze a breakout to $1 if surpassed or reinforce the unbreached resistance.