Fantom (FTM) Surges 50%, Eyeing 345% Growth Potential to $3 Mark
Javon Marks has recently pointed out that the price of Fantom (FTM) has grown by almost 50% since the last major update. He stated that this could only be the begining for FTM, as he believes that there is room for even more significant improvements in the coming year. As outlined in his analysis, Fantom could rebound and possibly surge by another 345% to once again trade at $3.00 range, which is something that has not been seen in quite some time.
Based on the analysis, Fantom came out of a bullish pattern, which led to the recent breakout. This pattern and such momentum can push the cryptocurrency and take it to even greater heights. If the current market situation remains unchanged, FTM may experience a significant increase in trading toward the $3. 523, which is quite a jump from the current market price of the company.
Sonic Labs Migration Boosts Fantom
The performance of the Fantom network is also supported by the growing demand in its ecosystem especially as it gears up for a shift to Sonic Labs. The next phase of migration of the network will increase the networks capacity and capability hence making it more appealing to developers and users. Fantoms continuous development has been applauded and the network has enhanced its standing in the DeFi and web3 ecosystem.
According to the data, the total value locked (TVL) in Fantom is about $102 million, which shows the amount of capital invested in its protocols. Stablecoins, the network has more than $339 million, which shows the increasing trust of users and investors. These numbers could still increase in the future as the Fantom project grows, which suggests that the ecosystem is healthy.
In the last 24 hours, FTMs price has increased by more than 13.46% to around $0.64. This rise took the cryptocurrency above a major resistance level of $0.53, which however aligns with the stocks 50-week Moving Average (MA). This resistance is considered as a major barrier which is now broken and indicates a possibility of further growth in the nearest future.
As Fantom moved to Sonic Labs and increased its work on its web3 projects, analysts are positive about its prospects. The strong technicals and network development may result to further growth and place Fantom among the leading cryptocurrencies in the ongoing crypto market surge. Both investors and traders are paying much attention to FTM and are waiting for its next further development.
Read more: https://www.tronweekly.com/fantom-ftm-surges-50-eyeing-345-growth/
Text source: TronWeekly
