- Fantom’s network activity remained high as its unique addresses increased.
- Market indicators suggested a possible trend reversal.
Phantom (FTM) Investors have had a tough time over the past few days as token prices have fallen. This occurred at a time when blockchain was recording promising growth in terms of network activity.
But is high network activity alone enough for FTM to color the charts green?
The phantom chart is red!
Last week was a bit of an unfortunate one, with the value of Fantom falling by double digits. According to CoinMarketCap, FTM is down more than 23% over the past seven days.
In the last 24 hours alone, the token’s value has plummeted 8.5%. At the time of this writing, Fantom was trading at $0.3694, with a market capitalization of over $1 billion.
AMBCrypto confirmed investor action, as the price of FTM fell significantly. Analysis of Santiment’s data shows that exchange supply of FTM increased last week, while off-exchange supply decreased.
This indicates: FTM At the time of reporting, it was under selling pressure.
Source: Santiment
Whale confidence in FTM appears to have decreased over the past week as both the supply of top addresses and the number of whale transactions have decreased.
It was interesting to note the following: whalingFantom ranks 27th in the list of cryptocurrencies sold by top 100 ETH whales in the last 24 hours.
Phantom adoption will increase in 2023
While the tokens were leaking, Fantom Insider posted a tweet revealing one of Fantom’s 2023 achievements. The tweet noted that FTM is just lagging behind. Polygon (MATIC) and BNB Chain (BNB) In terms of unique addresses on the EVM blockchain in 2023.
To be precise, FTM will have over 128 million new unique addresses in 2023.
Despite bad market conditions in 2023, @PhantomFDN Even in the ashes, it is growing and shining like a phoenix 📈
👻 #fantasy It will have over 128 million new unique addresses in 2023, ranking 3rd compared to other top EVM blockchains 🎉
😍 With the mainnet launch… pic.twitter.com/oA27loqrtf
— Phantom Insider (@fantom_insider) January 7, 2024
Things could get even better as the blockchain plans to launch the Fantom Sonic mainnet in 2924. Currently, AMBCrypto’s Artemis analysis is data FTM’s daily active addresses saw a spike on January 6, 2024.
After the drop, daily trading on the blockchain also gained upward momentum, which looked promising. However, Phantom’s TVL continued to decline throughout last week.
Source: Artemis
FTM’s high network activity could soon have an indirect positive impact on the token’s price action. Our Views on CryptoQuant data revealed it FTMThe Relative Strength Index (RSI) was in the oversold range.
read Phantom (FTM) Price Prediction 2024-25
This could increase buying pressure and push the FTM price higher.
The token’s Money Flow Index (MFI) was also about to enter oversold territory. Additionally, Chaikin Money Flow (CMF) recorded an upward trend, increasing the likelihood of a northward move in price over the next few days.
Source: TradingView