Experts predict Fantom price will rally 20% as TVL crosses $5.83B in total volume locked
- Fantom price exploded and posted over 61% gains over the past week.
- Total value locked in the Fantom network has crossed $5.83 billion based on data from Defi Llama.
- Analysts have predicted a rally in Fantom price, and set a target of $2.60 for the scalable blockchain token.
Fantom price exploded in the past week, total value locked in the network crossed $5.83 billion. Proponents have predicted a recovery in Fantom price from the recent crash.
Fantom price eyes 20% price rally
The highly scalable blockchain platform, Fantom suffered a drop in price. In the recent crypto crash, the token’s price plunged.
Fantom price has posted over 5% losses over the past 24 hours. The layer-1 blockchain supports the creation and execution of multiple chains.
Over the past week, Fantom network’s total volume locked has nearly doubled, hitting a local high.
An independent consensus layer, ‘Lachesis’, provides security to multiple layers in the scalable blockchain network. Fantom has Ethereum Virtual Machine (EVM)-compatible smart contract chains, making it lucrative for traders and investors.
The token’s price exploded over the past week, posting consistent gains. This has contributed to the spike in total volume locked (similar to market capitalization). Fantom’s TVL has surpassed $5.83 billion based on crypto data platform Defi Llama.
Fantom’s future plans are to enable fast and cost-efficient transactions through its Lachesis Protocol.
@AltcoinSherpa, a pseudonymous crypto analyst, had predicted a spike in Fantom price based on his analysis of the asset.
$FTM: Still the same plan, already took a lot off though. #Fantom pic.twitter.com/qLCGvYvAr7
— Altcoin Sherpa (@AltcoinSherpa) December 26, 2021
@ThisIsMuse, a crypto analyst and trader has drawn a similar conclusion based on the evaluation of Fantom price trend. The analyst believes that Fantom price could rally to $2.60, a 20% gain from the current level.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
