Fantom, a Layer-1 blockchain network that gained popularity as an alternative for Ethereum, is back in the news. FTM has made strong gains since 2023, after suffering a severe crypto crash last year.
FTM gained more than 200% in the January 2023 month. FTM trades 15% higher at $0.52 as of press time. This is after a new breakout on Valentine’s Day.

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On-chain data shows that Fanrom’s whale and shark addresses were heavily dumping during the 2023 market recovery. Santiment’s report notes:
In the past four weeks, addresses holding 10K to 100M $FTM coins lost $259.7M in coins. These coins were largely seized by micro addresses that hold 0.01 to 1 $FTM.
Courtesy of SantimentFantom Retail Investors Overcome the Whale Dumping

The price action in Fantom on Tuyesday suggests that retail players have been able to absorb the whale dumping considerably so far. FTM prices have surpassed the supply wall of $0.43 & $0.49. 3,000 addresses purchased 656 millions FTM.
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FTM has turned this supply wall into support. FTM doesn’t see any major resistance at the moment, which could indicate that the price could rise further in a strong upswing.

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The Fantom blockchain network activity is also interesting. Ali Martinex, a popular crypto trader, noted that there was a significant increase in the number of $FTM tokens being exchanging hands. This coincided with a spike in 8.83 million FTM tokens flowing to crypto exchanges and an increase of 7.04 million $FTM supply on exchanges.
Fantom is an open source decentralized smart contract platform that was created to replace the Ethereum blockchain. It uses the directed acyclic diagram (DAG) and offers decentralized finance (DeFi), to developers who use its services. Fantom gained fame during the crypto bull market of 2021, and developers have been launching dApps on it ever since.

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