Over the past few days, UPCOM:FTM has experienced a remarkable surge, defying the consolidation gripping the broader crypto landscape. With its price jumping to $1.0 and beyond, Fantom has captivated the attention of both seasoned traders and newcomers alike.
The Rally Unveiled: Since the advent of March, Fantom (UPCOM:FTM) has embarked on a staggering rally, propelling its price by an astonishing 150%. From a modest $0.41, UPCOM:FTM has soared to the $1 mark, with projections suggesting further gains on the horizon. Renowned crypto analyst Ali Martinez, who accurately predicted this rally, now foresees UPCOM:FTM reaching $1.44, underscoring the underlying strength of its upward momentum.
A Steep Discount: Despite its recent surge, Fantom (UPCOM:FTM) still trades at a significant discount from its all-time high of $3.16, witnessed back in 2021. This discount presents an enticing opportunity for investors looking to capitalize on the token's growth potential. Moreover, with nearly 43% of investors currently holding positions below their initial investment, there exists a palpable sense of anticipation for a resurgence in FTM's value.
Market Dynamics: The recent surge in FTM's price is not merely a result of speculative frenzy but is underpinned by tangible market dynamics. One notable development is the reduction in the supply of UPCOM:FTM coins available on exchanges. Since the beginning of March, the exchange supply has dwindled from 655 million to 643 million, signaling a shift towards long-term investment strategies. This decrease in supply correlates with a corresponding price increase, indicating a growing confidence among investors in FTM's future prospects.
Long-Term Investment Thesis: The dwindling exchange supply of UPCOM:FTM underscores a broader trend of investors opting to store their assets in cold wallets, away from the volatility of exchange trading. This shift towards hodling signifies a fundamental belief in the intrinsic value of Fantom, beyond short-term price fluctuations. As more investors adopt a long-term perspective, the selling pressure on the market diminishes, paving the way for sustained upward movement in UPCOM:FTM's price.