Phantom (FTM) altcoin, It jumped right after the release of the US inflation data.
Has Mobility in Phantom (FTM) On-Chain Data Brought Up?
Cryptocurrency Analyst Ali Martinez observed an interesting networking event earlier today on Fantom. According to the expert, on-chain data shows a significant increase in the trading of unstaked FTM tokens. This was also paralleled by 8.83 million FTM tokens flowing into crypto exchanges and a net 7.04 million FTM increase in supply on exchanges.
Despite the notable increase in the last 24 hours, the FTM token has lost 12.19% in the last 7 days. According to Santiment data shared by Martinez, 246 million FTM altcoins worth $113.2 million were sold or changed hands last week.
FTM’s latest 13% price increase comes after the surge in network activity pointed out by Ali Martinez earlier today.
According to Martinez, a major supply hurdle was recently overcome by Phantom and this hurdle has now become support.
Also, Martinez claims that according to on-chain data, an upward price action from FTM can be expected as there are no other significant resistance barriers ahead.
The phantom altcoin recorded a significant price increase after the return of Andre Cronje, one of the famous names in the DeFi industry. Announcing his retirement, Cronje started actively working on Phantom again. Cronje has announced several new projects for FTM.
*Not investment advice.
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