Fantom (FTM) has recently displayed remarkable performance, surpassing several leading digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) among others. 

Over the past 24 hours, FTM has experienced a notable surge of 9%, propelling its price to the $0.4950 level. This upward momentum has sparked optimism within the market, with the potential to drive FTM towards its yearly high of $0.65.

Fantom Poised For Upward Surge?

Crypto analyst Ali Martinez has shared insights into the promising outlook for Fantom. Martinez emphasizes that FTM trading above the critical resistance level of $0.47 signifies a significant bullish turning point. 

Furthermore, the analyst notes that there are no major obstacles in sight until the $0.65 level. As long as FTM remains above this crucial level, Martinez predicts a strong rally for the token.

With FTM’s breakthrough above the $0.47 resistance level, the stage is set for further gains. The absence of significant barriers until the $0.65 mark provides an encouraging backdrop for FTM’s potential upward 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.

Social Media Buzz Surrounding 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 surge, Alpha Scan highlights that Fantom has emerged with impressive sentiment strength, capturing the attention of market participants and further bolstering the protocol’s native token price surge.

According to a recent post on X (formerly Twitter) by the sentiment analytics firm, an analysis of social media conversations reveals that a staggering 61% of all monthly mentions of FTM have occurred within the last seven days. 

This sudden surge in mentions commenced on December 9th, indicating a heightened interest and positive sentiment surrounding the token.

Over the past 30 days, 28 key accounts have actively discussed FTM, further emphasizing its growing significance. 

Notably, 20 of these key accounts have specifically highlighted FTM within the last seven days, reflecting a heightened level of attention and engagement within a relatively short period. This ratio of key account engagement during the past week indicates a distinct rise in interest and potential market influence.

Annualized Increase Reinforces Positive Outlook

According to Token Terminal data, in 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 remarkable increase of 18.47%. This surge reflects the growing demand for FTM and its expanding market presence. 

In terms of revenue, the token has witnessed substantial growth, with a 30-day revenue increase of 734.11% to $171.73k. Moreover, the annualized revenue has surged to $2.09 million, representing a significant rise of 813.75%. 

Moreover, Fantom’s fully diluted market capitalization stands at around $1.57 billion, indicating a substantial increase of 43.39%. This growth further reinforces the market’s confidence in the protocol’s prospects. 

When considering performance ratios, the 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 have dipped by 82.8%, they still suggest a strong valuation for Fantom relative to its performance.

Featured image from Shutterstock, chart from TradingView.com 

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Filed under: Bitcoin - @ December 22, 2023 1:30 am