Fantom (FTM) Price Surges By 15%, Is A Breakout To $1 Possible?

The overall market has been showing signs of weakness as the price of Bitcoin (BTC) retested the $21K level several times, while altcoins appear to be fighting to stay above their immediate support levels. However, the price of Fantom (FTM) is witnessing a roller coaster ride for the past few weeks amidst the recent unlocking and distribution of roughly 246 million FTM tokens.

In a rather sudden move, FTM had an unexpected increase of more than 13% as investors awaited the publication of U.S. CPI data for the month of January. According to a prominent crypto analyst Ali, a significant supply hurdle was recently overcome by the cryptocurrency, which has now turned into its support. He further opines that, since there are no other significant resistance hurdles ahead of FTM — as indicated by a number of on-chain indicators — an upward price movement can be expected from FTM.

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