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A crypto whale, identified as 0xfd5, has recently invested heavily in Fantom (FTM) tokens. According to the on-chain analysis platform Spot On Chain, this investor purchased 2.818 million FTM for 2.23 million USDC at an average rate of $0.791 per token.
This marks the investor’s first entry into the FTM market.
Crypto Analyst Targets 40% Rally For Fantom (FTM)
The timing of this acquisition coincides with a significant upturn in FTM’s price. After hitting a low of $0.759 on Monday, the token has risen sharply, posting an 8% gain. This surge highlights increasing investor confidence and suggests a strengthening position for Fantom in the crypto arena.
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Moreover, the crypto whale appears poised for further purchases. With 735,744 USDC still available, the crypto whale might acquire more FTM tokens.
The market data indicates demand walls that will likely provide strong support for the token’s price. According to IntoTheBlock’s In/Out of the Money Around Price chart, over 2,100 addresses have bought around 96.83 million tokens at an average of $0.809. Consequently, if the price dips to this level, substantial support could be found, and the price could possibly rebound.
Looking forward, the resistance seems relatively weak until Fantom approaches $0.905. At this price level, 718 addresses hold approximately 44.45 million FTM tokens, which could create a psychological threshold as these investors may look to break even.
Crypto analysts, including the well-regarded Crypto Rand, are optimistic about FTM’s future performance. He is targeting Fantom to hit $1.150, a 40% surge from the current market price
“Really liking FTM consolidation on the 80 cents range… I have my eyes on the $1.15 level,” Crypto Rand said.
Read more: Fantom (FTM) Price Prediction 2024/2025/2030
His analysis highlights the significant price achievement of FTM, transforming a major daily resistance at $0.759 into strong support. FTM is effectively maintaining this level.