- FTM’s price gained nearly 48% over the last week.
- The upswings came as layer1 protocols see increased attention.
- Fantom network has its TVL at $5.66 billion.
The overall crypto market noted downswings on Wednesday. Bitcoin and Ethereum recorded over 4% drops, affecting the broad market. Meanwhile, Fantom saw surged attention over the last seven days.
The project attracted market players after recording double-digit surges. For now, FTM enjoys 48% weekly gains, making it among the tokens attracting market participants at the moment.
FTM Tries a Rebound
Fantom has attempted to make slight gains. However, the bearish strength in the crypto spectrum within the past 24 hours saw the alt retracing. Nevertheless, the altcoin has not erased the accrued gains.
Meanwhile, Fantom noted considerable surges in October. That was when it cracked the massive resistance at $3. However, the crypt ventured into downward moves as October ended, plunging towards the $1 mark.
Analysts attributed the latest gains to the exhausted downward actions. Tokens usually surge to recover accumulated losses after exhausting their downward momentum.
For now, FTM attempted similar price actions. Meanwhile, combining buyer and market support might translate to massive gains for Fantom. Such a scenario can see FTM surging to conquer the resistance zone at $2.50, the $2.75.
Fantom in the Layer-1 Market
The Ethereum network has had multiple issues, including lagging transactions and high gas fees. With that, developers seek alternative blockchains like Fantom, contributing to the exponential growth.
Fantom is the 6-largest platform in the decentralized finance marketplace in TVL. The network has its total value locked at $5.66 billion, an attractive growth within the last few weeks.
Meanwhile, Multichain is the largest platform on Fantom with a TVL of $2.18 billion. Tomb Finance ranks second, with its total value locked nearing $1 billion.
Fantom might see its TVL growing amid increased adoption by investors interested in scalable layer-1 solutions. Nevertheless, FTM isn’t the only layer1 platform with considerable gains. Avalanche (AVAX) also recorded impressive gains, tanking 4th as far as TVL is concerned.
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