As Bitcoin (BTC) price shows early signs of consolidating around the current levels before the halving economics catches up, cryptocurrency traders are shifting their focus to the altcoin market to catch higher volatility. Moreover, volatility is vital to every investor seeking to benefit from the cryptocurrency market.
Remarkably, Fantom (FTM) has outshined largely hyped meme coins like Solana-based memes in the past few weeks, indicating now is the time for mid-cap altcoins.
According to the latest market data provided through Coingecko, FTM price has surged more than 200 percent in the past four weeks to trade around $1.21 on Friday. The highly liquid altcoin is well positioned to continue in a bullish outlook fueled by heightened speculations amid the ongoing crypto bullish outlook.
What is Fueling Fantom Growth
Fantom (FTM) is a fast-growing Ethereum network rival with a vibrant web3 ecosystem. According to market data provided by defillama, the Fantom network has more than $153 million in Total Value Locked (TVL) and around $508 million in stablecoins market cap.Â
Interestingly, almost all Fantom-based web3 protocols register a double percentage figure rise in TVL over the past five days, thus indicating a notable increase in FTM. The increased on-chain activity for the Fantom is directly attributed to the upcoming mainnet upgrade dubbed Sonic that will increase the overall throughput and stability.
For instance, the SpookySwap DEX added more than 100 percent in TVL to about $47 million on Friday. Otherwise, the Fantom price rise is also bolstered by the significant increase in crypto cash rotation from Bitcoin to potentially profitable altcoins.
FTM Price PredictionÂ
With the increased use of layer-one (L1) smart contacts, the Fantom price is well positioned to rally further in the near term. According to a popular crypto analyst Ali Martinez, the FTM price is aiming for $1.44 in the midterm after closing above the major resistance level of around 58 cents.
From a technical standpoint, FTM bulls are in control with the weekly Relative Strength Index (RSI) up above the 70 level for the first time since the 2021 bull run.