Fantom (FTM) Emerges as the Leading Gainer among the Top 100 Cryptocurrencies by Market Cap

Fantom's FTM emerged as the leading gainer among the top 100 cryptocurrencies by market cap amid community hype regarding the launch of its Sonic mainnet

Fantom (FTM) price soared by over 21% on Nov. 27, emerging as the leading gainer among the top 100 cryptocurrencies by market capitalization. The altcoin price rose to an eight-month high of $1.13 amid community hype regarding the launch of Fantom Sonic mainnet and a significant rise in whale investment.

FTM price soared to a local high of $1.13 on Nov. 27, continuing a five-day rally that locked in gains of over 56.47%. However, FTM remains down 68.84% from its all-time high of $3.46, which was reached in October 2021.

FTM price rose to $1.13 as Sonic mainnet launch nears.

FTM price rally is largely driven by anticipation for the upcoming launch of Fantom Sonic mainnet, which is expected to boost the network’s capabilities in the decentralized finance (DeFi) sector.

According to data from DeFi Llama, the total value locked (TVL) in the Fantom ecosystem has dropped to $312.39 million, down significantly from its peak of over $15 billion. However, recent updates and initiatives aim to improve this metric.

In related news, Sonic Labs announced a collaboration with web3 financial data platform OctavFi to integrate advanced on-chain treasury management and financial reporting into Sonic protocols. This integration is expected to enhance the protocols' capabilities for managing and analyzing their finances.

Whale buying activity surged over the past day, adding to the momentum in FTM price movements. According to data from IntoTheBlock, whale holder netflow increased from an inflow of $712,000 on Nov. 20 to over $9.51 million on Nov. 22, indicating a strong buying preference among large crypto investors.

Crypto analysts anticipate continued rally if FTM breaches $1.13 resistance level.

As FTM price continues its ascent with growing interest from the crypto community, several analysts on TradingView are keeping a close eye on the key resistance and support levels that could influence the altcoin’s further trajectory.

Pseudonymous analyst CryptoBullet highlighted two key resistance levels for FTM, with the first being the current high of $1.13 and the second being $1.33 if the altcoin manages to breach the first resistance.

If the community remains bullish and FTM price sustains the momentum, the analyst anticipates potential targets at $1.62, $2.20 and $2.77, assuming the crowd remains bullish throughout the price action.

CryptoBullet is also bullish on FTM price and anticipates a rally to $1.62 if the community remains bullish throughout the price action.

Another crypto commentator, Altcoin Sherpa, who has over 232k followers, also identified $1.13 as a critical resistance for FTM price rally, adding that the altcoin has been accumulating for over two years, setting the stage for a big move up if this level is breached.

On the 1-day FTM/USDT chart, the Relative Strength Index at 70 suggests that the price could pull back in the short term. However, the Moving Average Convergence Divergence shows the MACD line well above the signal line, indicating that the bullish trend remains strong and could sustain the rally despite overbought conditions.

Given the extended nature of the recent rally, FTM price could retrace to the $1.00-$1.02 support zone before attempting further upside. If the bullish momentum continues, the next key resistance lies around $1.13-$1.20.