Launched in 2018, the Blockchain network Fantom, which supports smart contracts and focuses on high transaction speeds, saw its native asset FTM start the day with a strong rise. The price of the Altcoin surged over 30%, earning a cryptocurrency whale more than half a million dollars.
A Whale Earns Half a Million Dollars from Recent Investments
With FTM’s price surging over 30% in the last 24 hours, surpassing the $0.74 threshold, investors’ focus shifted to the altcoin. This significant price movement caught the attention of both investors and analysts, signaling a renewed increase in interest and potential upward momentum for Fantom in the crypto market.
On-chain data provider Spot On Chain reported that the recent surge in FTM earned a cryptocurrency whale who had recently invested in the altcoin hundreds of thousands of dollars. According to the data, a whale-level cryptocurrency investor, starting with 0xdf8…, purchased a total of 4.71 million FTM worth approximately $2.69 million through Gemini and Airswap exchanges at an average price of about $0.57 over the past two days.
With the recent rise in FTM’s price, the unrealized gains of the cryptocurrency whale exceeded 22%, climbing to over $600,000. If the price continues to rise, the whale’s earnings could surpass $1 million in a very short time.
What’s Next for FTM?
As Fantom continues to gain momentum and attract investor interest, analysts are closely monitoring fundamental indicators and market trends to assess the potential trajectory of the altcoin.
From a technical standpoint, the altcoin appears to be facing resistance at the $0.6904 level. If this resistance is breached, FTM will unlock the $0.8609 level, and surpassing this could set the ultimate target at $1.628.
On the other hand, in a bearish scenario, the nearest strong support level for FTM is around $0.5565. If the price fails to hold above this support, it could retract to as low as $0.5044.
