- Fantom's exit from the consolidation coincided with bullish technical indicators with targets at $1.14 and $1.71.
- On-chain metrics and $9 billion TVL milestone increased investor confidence in sustainable growth.
phantom [FTM] has been making waves in the crypto market, surging more than 20% in the past 24 hours and trading at $0.8563 at the time of writing.
This break comes after weeks of price action, increasing speculation that FTM is gearing up for a big rally.
With major resistance and technical signals in line, could Fantom be heading towards its next target at $1.71?
A bullish rally takes shape
Phantom has managed to break out of the descending triangle pattern, a typical bullish structure that often precedes a strong uptrend.
As a result, prices surged above the initial resistance zone, highlighting renewed buying interest.
For now, the focus shifts to the $1.14 resistance level, which could be a pivotal point for FTM's trajectory.
Above this level, Phantom could move higher towards $1.71, the price last seen during the early bull cycle.
Furthermore, the Fibonacci retracement level further validated the uptrend. FTM has comfortably crossed the 0.618 retracement level, a strong bullish indicator.
Furthermore, the Stochastic RSI showed that the Phantom still has room to move higher as momentum is maintained and it has not yet reached overbought territory.
However, traders need to remain cautious near resistance levels, where profit-taking could temporarily halt the rally.
Source: TradingView
Fantom TVL milestones boost confidence
The FTM bullish mood was also driven by the rise in Total Value Locked (TVL), which recently surpassed $9 billion.
This surge in TVL highlighted the growing activity and trust within the Fantom ecosystem, particularly within decentralized finance (DeFi) platforms.
Therefore, this milestone strengthens the story about FTM's long-term growth potential.
Source: Defilama
FTM on-chain activity suggests optimism
On-chain metrics further reinforced Fantom's positive outlook. For example, net network growth has increased slightly, indicating gradual adoption. Furthermore, large transactions increased by 4.6%.
This indicates that institutional investors or whales are involved in the network.
Concentration indicators are showing a mild bearish move, but overall strong positive signals are outweighing it.
Source: Into the Block
Long/short ratio shows mixed feelings
Interestingly, Fantom's long/short ratio revealed that the market is cautious. While 52.79% of positions are short, long traders still account for 47.21%, reflecting a delicate balance.
As a result, volatility can rise near resistance as opposing strategies collide.
Source: Coinglass
read phantom book [FTM] Price prediction for 2024-2025
CFTM can reach $1.71 if:
Fantom’s breakout momentum, coupled with bullish on-chain activity and technical signals, suggests that further upside is likely.
A rally to $1.71 seems achievable if FTM decisively breaks above $1.14. However, traders should closely monitor price trends as resistance levels are tested.
