A number one crypto analytics agency is suggesting that Fantom (FTM), a prime Ethereum (ETH) rival, is simply at first phases of a significant rally.
Sensible contract platform Fantom is buying and selling for $0.635 at time of writing, up 27% within the final 24 hours, and up over 164% since 2023 started.
Main crypto analytics agency Santiment says FTM has extra than simply short-term power – they see promising long-term indicators in FTM’s current actions, as nicely.
“In the event you dipped your toes in Fantom at the start of 2023, your portfolio has actually thanked you. Up +164% to this point on the yr, the dormant coin motion & rising whale transactions are good long-term indicators.”
In a deeper dive on their Santiment Insights blog, the analytics agency finds extra constructive information for FTM holders in a metric known as the “imply greenback invested age.”
“One other nice signal that this rally nonetheless has some legs is the truth that its imply greenback invested age, which measures the typical age of funding for Fantom, dipped significantly decrease in the course of the second half of February. It is a nice signal that dormant cash have been transferring at a wholesome tempo into this value rise.”
Santiment says a brief to mid-term retracement might be in retailer, however zooming out, FTM’s large 2023 rally could be getting began.
“However on a long-term perspective, particularly because of its big dormant coin motion the final couple of weeks, we see some upside that this might be a pleasant yr for the coin.”
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