The blockchain platform Fantom, created in 2018 and known for its smart contract capabilities and high transaction throughput, recently recorded a sharp increase in the value of its native token FTM. The altcoin witnessed a spike exceeding 30%, translating into considerable profits for a prominent crypto investor. This price hike has garnered the attention of the market, pointing to a surge in investor interest and potentially setting up the token for further gains.
Significant Profits for a Crypto Investor
The appreciation in FTM’s value, with prices crossing the $0.74 mark, has placed the altcoin in the spotlight among the investment community. Data from on-chain analytics firm Spot On Chain revealed that a recent substantial investment in FTM by a crypto whale, identified by the address starting with 0xdf8, has resulted in a profit windfall. This investor acquired 4.71 million FTM tokens at an average cost of $0.57 apiece, totaling around $2.69 million, via transactions conducted on the Gemini and Airswap exchanges within the past 48 hours.
Potential Future for FTM’s Price Movement
The investment has now seen an unrealized profit margin upward of 22%, pushing the crypto whale’s potential gains above $600,000. Should the token’s price trajectory continue its ascent, this figure could quickly escalate to a million dollars. Market analysts are keenly observing the fundamentals and trends surrounding Fantom to predict the coin’s next moves.
Technical analysis suggests that the token is encountering resistance near the $0.6904 level. A successful breakout could pave the way for a rise to the $0.8609 mark, and clearing this hurdle may open a path to the $1.628 milestone. Conversely, a bearish downturn could see FTM fall back to strong support levels, with possible declines to the $0.5565 or even down to $0.5044.