Cryptocurrency analysis company Santiment has published a new analysis, offering a new assessment of an altcoin that has recently suffered heavy blood loss.

According to Santiment analysts, Fantom (FTM), which has lost 46% of its value since December 15, has been remarkably silent. Despite this, analysts said that there are positive signals in the altcoin, citing as an example the increase in address activity to a 19-month high.

Additionally, analysts noted that crypto whales holding between 10 million and 100 million FTM have added 31.5 million FTM worth $23 million to their wallets over the past four days.

The altcoin, which is listed on major cryptocurrency exchanges such as Binance, Bybit, and OKX but not Coinbase, serves as a layer 1 blockchain.

However, the developers recently announced the altcoin’s migration from the Fantom Opera Chain to a new blockchain called Sonic, and the token was rebranded as S. Currently, FTM coins can be directly converted to S coins at a one-to-one ratio.

At the time of writing, Fantom is trading 79% lower than it was 3 years ago when it reached an all-time high of $3.48.

*This is not investment advice.