Fantom (FTM) Surges to 22-Month Highs, Recording Massive Gains
Fantom (FTM) has experienced significant growth, reaching its highest price in 22 months.
As of now, FTM is up by 30.7% in the past 24 hours and is currently trading at $0.67. The cryptocurrency’s market capitalization has surged to $1.87 billion, placing it as the 59th-largest cryptocurrency in the market.
Reaching New Heights
Fantom recently touched the $0.73 mark, a price last seen in May 2022. This surge in price occurred around 01:30 UTC on March 4.
Increased Open Interest
Over the past 30 days, FTM’s total open interest (OI) has increased by an impressive 183%. In the past 24 hours alone, FTM’s total OI has risen from $107.5 million to $155.6 million, representing a $48 million rally.
Greed Dominates the Market
Despite these gains, traders are still anticipating further price increases for FTM. The market is currently experiencing extremely greedy conditions, with long-position holders slightly dominating short-position traders. Santiment data reveals that FTM’s Binance funding rate is hovering around 0.05%.
Rising Relative Strength Index (RSI)
Fantom’s Relative Strength Index (RSI) has been consistently rising since February 29. At the time of reporting, the FTM RSI sits at the 85 mark.
This heightened RSI indicates that Fantom is operating within a high volatility zone, and a price cooldown may be expected. The RSI also increases due to high whale activity.
Whale Activity
A significant portion of FTM’s circulating supply, approximately 63%, is currently locked in four whale addresses. Furthermore, the number of whales holding between 1 million and 10 million FTM tokens has increased by 0.8% in the past 24 hours. These whales now hold 10.24% of FTM’s circulating supply.
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