Fantom (FTM) has experienced a remarkable surge in value over the past day, reaching its highest price point in 22 months.
With a staggering 30.7% increase in the last 24 hours, FTM is currently trading at $0.67, pushing its market capitalization to $1.87 billion, securing its position as the 59th-largest cryptocurrency.
During this bullish run, Fantom briefly touched $0.73, a level not seen since May 2022, around 01:30 UTC on March 4.
Data from Santiment reveals a significant surge in Fantom’s total open interest (OI), which has increased by 183% over the past 30 days. In the last 24 hours alone, the total OI for Fantom witnessed a remarkable rally of $48 million, soaring from $107.5 million to $155.6 million.
The market sentiment remains extremely bullish for FTM, as traders continue to bet on further price appreciation. Santiment reports that FTM’s Binance funding rate is currently around 0.05%, indicating a slight dominance of long-position holders over short-position traders.
Despite the bullish momentum, Fantom’s Relative Strength Index (RSI) has been steadily rising since Feb. 29, reaching the 85 mark at the time of reporting. The heightened RSI suggests that Fantom is experiencing high volatility, typically signaling a potential price cooldown. This surge in RSI is often associated with increased whale activity.
A significant portion of Fantom’s circulating supply is held by a small number of whale addresses, with over 63% currently locked in just four such addresses. Additionally, the number of whales holding between 1 million and 10 million FTM tokens has increased by 0.8% in the past 24 hours. These whales now collectively hold 10.24% of FTM’s circulating supply, further fueling speculation of potential manipulation in the market.
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