- Fantom’s breakout from consolidation aligned with bullish technical indicators, targeting $1.14 and $1.71.
- On-chain metrics and a $9B TVL milestone boosted investor confidence in sustained growth.
Fantom [FTM] is making waves in the crypto market, soaring over 20% in the last 24 hours to trade at $0.8563, at press time.
This breakout follows weeks of consolidation, fueling speculation that FTM may be gearing up for a significant rally.
With key resistance and technical signals aligning, could Fantom be heading toward its next target of $1.71?
A bullish rally takes shape
Fantom has successfully broken out of a descending triangle pattern, a classic bullish structure that often precedes strong upward movement.
Consequently, the price has surged past earlier resistance zones, highlighting renewed buying interest.
The immediate focus now shifts to the $1.14 resistance level, which could act as a pivotal point for FTM’s trajectory.
If this level is surpassed, Fantom may rally further toward $1.71, a price last seen during earlier bullish cycles.
Additionally, Fibonacci retracement levels provided further validation of the upward trend. FTM comfortably climbed past the 0.618 retracement level, a strong bullish indicator.
Furthermore, the Stochastic RSI indicated that Fantom still has room to climb, as momentum remained intact and has not yet reached the overbought territory.
However, traders should remain cautious near resistance levels, where profit-taking could temporarily halt the rally.
Source: TradingView
Fantom TVL milestone boosts confidence
FTM’s bullish sentiment was also driven by its rising Total Value Locked (TVL), which recently surpassed $9 billion.
This surge in TVL highlighted growing activity and trust in Fantom’s ecosystem, particularly within its decentralized finance (DeFi) platforms.
Therefore, this milestone strengthens the narrative of long-term growth potential for FTM.
Source: DeFiLlama
FTM’s on-chain activity suggested optimism
On-chain metrics further reinforced Fantom’s positive outlook. For example, Net Network Growth has increased slightly, showing gradual adoption. Additionally, large transactions have risen by 4.6%.
This indicated that institutional players or whales are engaging with the network.
Although the concentration metric shows mild bearish activity, it is outweighed by the strong positive signals overall.
Source: IntoTheBlock
Long/Short Ratio shows mixed sentiment
Interestingly, the Long/Short Ratio for Fantom revealed a cautious market. While 52.79% of positions are short, long traders still account for 47.21%, reflecting a delicate balance.
Consequently, volatility could increase near resistance levels as opposing strategies clash.
Source: Coinglass
Read Fantom’s [FTM] Price Prediction 2024-25
CFTM likely to hit $1.71 if…
Fantom’s breakout momentum, coupled with bullish on-chain activity and technical signals, suggests a strong possibility of further gains.
If FTM decisively breaks $1.14, a rally to $1.71 appears achievable. However, traders should monitor price action closely as resistance levels are tested.
