Fantom (FTM) recorded a yearly high in March 2024 above the $1 mark, precisely at $1.22. Its price recorded abrupt profit booking that led to its gains plummeting. The decline in its price has led to a drop in circulating market cap from a yearly high of $2.91 Billion to $1.25 Billion (at press time).
Similarly, its real volume, per messari was of $3.75 Billion, declined to $203 Million. FTM token’s market cap dominance has dropped from 0.11% to 0.05%.
Despite the declined market data, Fantom’s social data has remained untouched, which signified its trust and value among its community. As per Messari, its Reddit Subscribers have grown to 40.63K, with 17 active users as of writing.
Meanwhile, its X (Twitter) followers have stagnated at 535.57K, and Telegram users have grown to 21.53K.
Number of Transactions and Volume Have Grown: A Look At More On-Chain Data
In contrast to FTM token’s price behavior, its on-chain metrics have signified growth in various metrics. According to the on-chain research website, transactions over $100K have grown in the past 7 days. They amount to $23.38 Million.
The asset transactions have increased from the July 28th low of 4.52 million FTM to July 31st 35.52 million FTM. Likewise, the total number of transactions has also advanced. It was 345 transactions on July 27th; by July 31st, it advanced to 622 transactions.
Moreover, in the past 7 days, total exchange inflows have surged to $10.94 Million. It signified more sell pressure compared to the outflows, which were low at $6.65 Million.
As per the financial data in FTM, the number of holders making money at the time of writing was 33.02%. It meant 36.71K addresses were in profit.
Similarly, the addresses that were in loss are 63.32%, which made 70.39K addresses. The addresses that were neither in loss nor profit are 4.07K, making 3.66%.
Additionally, the price correlation with the market leader (BTC) has also been 0.31. The concentration of large holders was 86%, whereas investors’ concentration was 10.9%. Meanwhile, the whales’ concentration was 74.99%, and the Retail crowd held 14.1%.
The Impact of Fantom (FTM) Derivatives Data on Its Price
The Fantom token has witnessed higher long liquidations data than shorts data. The Long/short ratio of 0.8886 has showcased bear dominance.
In the 24-hour derivatives market, the longs liquidated the total amount of $568.04K, while the shorts were a mere $22.86K in amount. Thus, bearishness has been prevailing on the price chart.
Similarly, the open interest (OI) has declined, with total OI at $112.64 Million, and perpetual volume inflow has dipped 28.37%, amounting to $112.64 Million.
Unfolding Fantom’s Day Chart
The surge up until March 2024 from the October low was nearly 600% gains, which, due to the loss of bulls’ traction, ended up in a bear grip. That took FTM price in a falling wedge.
The FTM price plummeted nearly 65% of gains in almost 4 months. It has been showing critical support in a major historical demand area.
The deterioration could extend below the demand zone if the bear’s dominance does not ease with time. Moreover, if the critical support shows a pump in bulls’ presence and interest, a breakout could be witnessed from a falling wedge pattern.
The FTM price action, perpetual, and spot markets depict further downward acceleration. Bears could eye support levels of $0.30 and $0.20.
However, some on-chain and social metrics signify increased user activity, and hope could surge, leading to a breakout. In this scenario, the resistances are at $0.55 and $0.65, respectively.
 has plummeted 65% from the $1.22 peak, and on-chain activity surged despite a bearish market. The critical support is at risk.){kind=link}