Fantom (FTM) has experienced significant growth in the past 24 hours, reaching its highest price point in 22 months.

FTM has seen a 30.7% increase, trading at $0.67 at the time of writing. With a market cap of $1.87 billion, Fantom now ranks as the 59th largest cryptocurrency.

Key Metrics for FTM – March 4

FTM price, funding rate, open interest and RSI – March 4 | Source: Santiment

During this bullish trend, Fantom briefly reached $0.73, a level last seen in May 2022, around 01:30 UTC on March 4.

According to Santiment data, FTM’s total open interest (OI) has surged by 183% over the past 30 days. In the last 24 hours alone, total OI for Fantom increased by $48 million, rising from $107.5 million to $155.6 million.

Market Sentiment and Indicators

Traders are optimistic about FTM’s future price movements despite the market’s greediness. The Binance funding rate for FTM currently stands at around 0.05%, indicating a slight dominance of long-position holders over short-position traders.

Additionally, Fantom’s Relative Strength Index (RSI) has been on the rise since Feb. 29, reaching a mark of 85 at the time of reporting. This increased RSI suggests high volatility for Fantom, potentially leading to a price cooldown. Whale activity also contributes to the rising RSI indicator.

Whale Activity and Circulating Supply

Over 63% of FTM’s circulating supply is locked in four whale addresses. Furthermore, the number of whales holding between 1 million and 10 million FTM tokens has increased by 0.8% in the past 24 hours. These whales now hold 10.24% of FTM’s circulating supply, according to Santiment data.

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