Fantom (FTM) has recently shown remarkable performance, surpasses several leading digital assets such as Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB), among others.
In the last 24 hours, FTM has experienced a remarkable 9% increase, pushing its price to the $0.4950 level. This upward momentum has sparked optimism within the market, with the potential to drive FTM to yearly highs of $0.65.
Fantom ready for upside wave?
Crypto analyst Ali Martinez shared this insights to the promising prospects for Fantom. Martinez highlights that FTM trading above the critical resistance level at $0.47 marks a significant bullish turning point.
Furthermore, the analyst notes that there are no large ones obstacles in sight to the $0.65 level. As long as FTM remains above this crucial level, Martinez predicts a strong rally for the token.
With FTM’s break above the $0.47 resistance level, the stage is set for further gains. The lack of significant barriers to the $0.65 mark provides an encouraging backdrop to FTM’s potential upside trajectory.
Analyst Ali Martinez’s assessment reinforces the belief that as long as FTM maintains its position above $0.47, investors should prepare for a robust rally in the token’s price.
Buzz on social media around FTM
In recent weeks, Layer 1 (L1) blockchain protocols have taken center stage in the cryptocurrency community. Tokens such as Injective (INJ), Kaspa (KAS), Avalanche (AVAX), and Solana (SOL) have outperformed major cryptocurrencies.
However, amid this L1 wave, Alpha Scan highlights that Fantom has emerged with impressive sentiment strength, capturing the attention of market participants and further amplifying the protocol’s native token price appreciation.
According to a recent after on sentiment analysis company X (formerly Twitter), an analysis of social media conversations shows that a whopping 61% of all monthly mentions of FTM occurred in the last seven days.
This sudden increase in mentions started on December 9, indicating increased interest and positive sentiment around the token.
Over the past 30 days, 28 major accounts have actively discussed FTM, further highlighting its growing significance.
In particular, 20 of these key accounts have specific FTM emphasizes in the past seven days, indicating an increased level of attention and engagement within a relatively short period of time. This ratio of key account engagement over the past week indicates a clear increase in interest and potential market influence.
Annual increase reinforces positive outlook
According to TokenTerminal factsIn addition to the social media buzz surrounding the protocol and its native token, Fantom’s market capitalization has reached approximately $1.38 billion, with a notable increase of 18.47%. This increase reflects the growing demand for FTM and its growing market presence.
In terms of revenue, the token has witnessed substantial growth, with a 30-day revenue increase of 734.11% to $171.73k. Furthermore, year-over-year revenue increased to $2.09 million, representing a significant increase of 813.75%.
Furthermore, Fantom’s fully diluted market cap is approximately $1.57 billion, indicating a substantial increase of 43.39%. This growth further strengthens the market’s confidence in the protocol’s prospects.
When considering performance ratiosthe P/F ratio (fully diluted) is calculated at 203.80x, while the P/S ratio (fully diluted) is reported at 679.33x. Although both ratios are down 82.8%, they still indicate a strong valuation for Fantom relative to its performance.
Featured image from Shutterstock, chart from TradingView.com
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