Fantom (FTM), a leading smart contract platform, has been staging an impressive rally over the past four weeks, gaining more than 93% to currently trade around $0.68. This parabolic move signals a reversal of its year-long bear market and has analysts eyeing further major upside for the altcoin.
FTM’s recent surge places it among the best-performing layer-1 platforms of 2024 so far. In energizing the bullish charge, Fantom recorded a significant technical milestone last week when its price closed above its 200-week moving average for the first time since early 2022.
Adding to the positive momentum, FTM’s weekly relative strength index recently pierced above 70 to hit its most overbought readings since 2021, indicating growing enthusiasm amongst investors piling into the asset.
Fantom growth metrics underpin momentum
Driving FTM’s rising adoption is the rapid growth occurring across its underlying blockchain network. The total value locked across all Fantom-based decentralized finance (DeFi) protocols now exceeds $102 million, having risen fivefold over the last year.
The ecosystem also holds nearly half a billion dollars worth of stablecoins, an on-chain signal of confidence in Fantom’s future. And dozens of successful applications spanning decentralized exchanges, yield platforms, NFTs, and more continue migrating to harness Fantom’s cheap, fast transaction speeds.
This flourishing activity and utility provide the tangible backing for FTM’s upside projections. Recently, crypto analyst Captain Faibik predicted 400% potential gains in the mid-term as FTM consolidates near this new higher range.
$FTM Crucial S/R level Breakout/Retest has Confirmed on the 3-day timeframe Chart.✅
Looks Extremely Bullish for the Midterm, Expecting +400% Bullish Rally. 📈#Crypto #FTM #FTMUSDT pic.twitter.com/JukfYlsqYs
— Captain Faibik (@CryptoFaibik) March 6, 2024
Of course, volatility remains part and parcel of crypto trading. But by decisively breaking its bear market structure, FTM appears ready to capitalize on the positive sentiment currently lifting crypto markets broadly. With strong blockchain-level trends supplementing its price resurgence, Fantom seems destined to become a top destination for web3 developers.
