Famtom: Short sellers, whales fuel FTM's rally – Is $1 within reach?

FTM's short liquidations spiked to $1M after the price jumped 10% to $0.76. Large transaction volumes also spiked by 1,000% showing a surge in whale activity.

Fantom [FTM] has been on a steady uptrend in recent weeks with its 30-day gains surpassing 50%. At press time, FTM traded at $0.76 after a 9% surge in 24 hours.



While bullish sentiment across the broader cryptocurrency market supported this rally, two other catalysts played a role in fueling the uptrend. Spike in short liquidations Fantom's recent gains triggered losses for short sellers after short liquidations topped $1M within 24 hours. This marked the second-highest level of short liquidations this month.

When the price of an asset rallies and hits a short liquidation zone, these traders are forced to buy the token to cover their positions. This..

. Muthoni Mary.