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Following the bull rally in cryptocurrencies, there was a relaxation, and prices pulled back somewhat. Despite the pullback, it was observed that some projects, especially in the last 7 days, still remained positive, with FTM being one of them. So, what’s happening on the Fantom (FTM) front?
Fantom (FTM) and Its Developments
Subin An, a crypto data analyst at Hashed, noted significant developments in Fantom’s decentralized ecosystem according to his statements at X.
According to An’s share, since the DeFi summer of 2020, the volume of decentralized exchanges (DEX) on Fantom has significantly weakened. However, during the same period, the number of monthly active addresses (MAU) remained above 400,000, which is noteworthy.
The analyst also mentioned that the volume of most DEXs operating on Fantom doubled over the past week, suggesting that this could potentially lead to an uptick in the ecosystem in the coming months. It remains a topic of interest whether the Fantom Foundation’s layer-1 solution will support the expected increase as it has in the past.
While making his statements, An also utilized data shared by Dune Analytics. He highlighted the impressive performance of Fantom-based DEXs, noting that SpookySwap was at the top in terms of 7-day volumes. The new DEX experienced a 163.3% increase over the last seven days, creating a volume of $81.8 million.
Many DEXs on Fantom experienced similar developments. Over the past week, Equalizer, Beethoven_x, and Curve, among others, saw volume increases of over 200%, which did not go unnoticed. These developments bring questions about how high the price of Fantom (FTM) could climb in the next bull run.
FTM Price Outlook
The increase in activity within the Fantom ecosystem allowed the native coin FTM to rise from a price level of $0.3871 at the end of February to $1.1530 in just a short month.
As a result of this rally, the FTM price increased by 200% and broke through multiple resistances in a manner characteristic of a bull run. The recent rise shows similarities to the initial stages of the last FTM rally during the bull run, which saw the layer-1 protocol increase by about 2500% in just a short four-month period.
As of the time of writing, the FTM price is trading at $1.07, up 3.5%, and the upward movement in price contributes to the optimism.
