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Will FTM Price Rise 25% After Whales Accumulate $160 Million?

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Although Fantom (FTM) ‘s price has increased by 20% in the last 30 days, the altcoin’s value could move higher. This prediction is based on the large-scale accumulation it has faced in recent times.

Earlier today, FTM’s price approached $0.80 but has retraced to $0.76. This on-chain analysis explains why the setback is temporary and how the token could soon surpass the peak it hit in May.

Fantom Whales Scoop Up 210 Million Tokens

Initially, on October 19, the netflow was negative, signaling that most crypto whales were selling more FTM than they were buying. However, as of now, the netflow has risen to 201 million, which indicates a shift in sentiment and could be a bullish signal.

Large holder netflow tracks the activity of addresses buying and selling around 1% of the total circulating supply. When the netflow is positive, it indicates that whales have bought more tokens than they sold, typically signaling a price increase.

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Conversely, a decline in this metric suggests that more tokens were sold than bought, usually leading to a price drop. Therefore, the recent positive netflow suggests that whales have accumulated approximately $160 million in FTM, based on its current price.

Read more: How to Add Fantom to MetaMask: A Step-by-Step Guide

Fantom Coins Holding Time. Source: IntoTheBlock

However, crypto whales are not the only ones expressing a bullish outlook. An analysis of the coin’s holding time shows a significant increase over the past seven days. Holding time refers to the duration a coin is held without being transacted or sold.

A decrease in holding time suggests that holders are selling. In contrast, the current trend indicates that several FTM addresses are holding onto their assets, which could exert upward pressure on its price if this behavior continues.

Fantom Coins Holding Time. Source: IntoTheBlock

FTM Price Prediction: Target to Close In on $1

On the daily chart, FTM reached $0.76, finding support at the $0.70 level. However, bears prevented the price from breaking the overhead resistance at $0.88. Despite this minor pullback, a significant correction appears unlikely.

This outlook is backed by the Chaikin Money Flow (CMF) indicator, which tracks accumulation and distribution. A declining CMF signals heavy distribution, potentially leading to a price drop. In Fantom’s case, the CMF has been steadily rising, suggesting ongoing accumulation.

Read more: Top 4 Crypto Passive Income Ideas That Really Work in 2024

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Fantom Price Analysis. Source: TradingView

If this trend holds, FTM could climb by 25%, reaching $0.95 in the short term. However, if the price falls below the $0.70 support, it could trigger a deeper correction down to $0.63.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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