- Fantom has formed a golden cross, with the 50-day SMA crossing above the 200-day SMA.
- Large transaction volumes have also increased from 3M to a yearly high of 201M.
Fantom [FTM] has outperformed most altcoins with its 20% gains within 30 days to trade at $0.755 at press time.
Despite the gradual uptrend, FTM is not showing signs of exhaustion, given that trading volumes have increased by around 140% according to CoinMarketCap.
The spike in trading volumes coincided with rising whale activity. Per IntoTheBlock, trading volumes for FTM transactions exceeding $100,000 have increased from 3M to 201M within 24 hours.
These large transaction volumes are at the highest level in one year, suggesting that Fantom whales have become active after the recent gains.
Source: IntoTheBlock
Whales control 73% of the Fantom supply. Therefore, with the recent surge in large transaction volumes, FTM could be set for significant price moves.
At the same time, exchange netflows show that traders are withdrawing their FTM tokens from exchanges. In the last two days, FTM exchange netflows have been predominantly negative, which could ease the selling pressure.
