Fantom [FTM] reclaims $0.45: Will THIS drive prices to $1?

Fantom Foundation rebranded to Sonic Labs in May as part of an overhaul aimed at addressing network issues and improving user experience
The hype around Fantom is centered on the upcoming launch of its upgraded layer-1 chain, Sonic.

As a seasoned researcher with over a decade of experience in the ever-evolving world of blockchain and cryptocurrencies, I’ve witnessed numerous transformations, rebrandings, and network launches. The recent metamorphosis of Fantom Foundation to Sonic Labs has piqued my interest, particularly due to the upcoming launch of their upgraded layer-1 chain, Sonic.

On August 22nd, most cryptocurrencies showed an increase in value, although they had slightly dropped from their prices at the end of the previous Wednesday.

In recent times, Fantom [FTM] and Polygon [MATIC] have been shining stars among the top performers, recording notable increases in value.

According to an analysis by AMBCrypto on TradingView, Fantom (FTM) saw a significant increase of approximately 15.64% in a single day on August 21st and was projected to continue this trend, potentially finishing with another small growth spurt.

Fantom [FTM] reclaims $0.45: Will THIS drive prices to $1?

Beyond the market, there’s been increasing curiosity and involvement with Fantom due to its ongoing rebranding process, which is expected to lead to the network adopting a fresh identity in the future.

In May, the Fantom Foundation unveiled the Sonic Foundation and Sonic Labs as the latest additions to their new fast-transaction chain, the Sonic Network.

Sonic network narrative

Sonic Network functions by running on a swift, foundational layer-1 network, featuring an integrated native layer-2 bridge linked to Ethereum [ETH]. This connection facilitates the flow of increased liquidity.

It’s anticipated that the debut of Sonic will bring about a fresh era of expansion for the ecosystem, primarily due to its enhanced scalability and quicker transaction processing times.

Sonic Labs asserts that their latest blockchain system has the ability to handle more than 10,000 transactions each second, significantly surpassing Opera network’s processing capacity of 2,000 transactions per second.

Looking into the network’s milestones

As a crypto investor, I’m thrilled about the recent launch of Sonic Labs’ Sonic Boom Bounty Program on August 20th. This innovative move is designed to motivate developers like me, offering rewards for active participation and contributions to the platform’s development.

The Sonic airdrop’s inaugural project, titled “Sonic’s First Initiative,” is active from now until the 4th of November. During this period, it offers Sonic Gems as rewards to developers who create on the platform.

At the beginning of this month, it was disclosed that DeFi expert Andre Cronje assumed the position of Chief Technical Officer at Sonic Labs.

As a crypto investor, I’m excited to share that I, Cronje, am taking the helm for the advancement of Sonic, focusing particularly on the development of our native bridging technology, the Sonic Gateway. This innovative tool will play a crucial role in connecting various blockchain networks seamlessly, enhancing cross-chain transactions and fostering a more integrated crypto ecosystem.

The bridge aims to enhance interoperability across blockchain ecosystems and features a failsafe, enabling users to recover their funds on the chain.

A gas-free trading program was launched by Sonic Labs last month, in collaboration with Rabby – an Ethereum and all EVM chains wallet.

The program started on July 22nd and will run through October 20th, unless our budget is depleted first.

Fantom [FTM]: Technical analysis

In just the past week, FTM has experienced a rise of approximately 25%, which coincides with a surge in daily trading volume. This surge is likely due to heightened interest and activity within the cryptocurrency market.

On August 21st, data from CoinMarketCap revealed multiple occasions where the 24-hour trading volume for FTM exceeded $200 million.

Fantom [FTM] reclaims $0.45: Will THIS drive prices to $1?

The imminent mainnet release for Sonic might reignite on-chain action, boosting its prices and making FTM an appealing investment option.

There’s been an increase in attention towards FTM as we approach the launch of the Sonic blockchain this year.

Based on the technical analysis, it appears that FutureToken’s short-term and long-term outlook is promising. Currently, FutureToken is being traded within the range of its 50-day and 100-day moving averages.

At the point of $0.54, where it aligns with the 200-day exponential moving average (EMA), becomes a potential price goal for optimistic investors. If this level is flipped from resistance to support, it opens up the possibility of reaching $0.68 and even approaching May’s high of $0.97.

Read Fantom’s [FTM] Price Prediction 2024-25

As an analyst, I find myself observing that despite Fantom’s [FTM] impressive surge of over 90% from its August 5 bottom at $0.24, it’s important to note that its year-to-date returns are not as robust when compared to Bitcoin [BTC] and other significant altcoins in the market.

As a seasoned investor with over two decades of experience in the financial markets, I have seen many ups and downs, and I must say that this year has been particularly challenging for those invested in FTM. Despite my initial optimism at the start of the year, FTM has disappointingly shrunk by 2.40%, while Bitcoin, on the other hand, has surged a staggering 36% higher during the same period. This underperformance is not only surprising but also concerning given my personal experience with FTM’s potential for growth in the past. I believe that it is important to closely monitor the situation and make informed decisions based on market trends and analysis, rather than relying solely on initial impressions or past experiences.

2024-08-23 14:16

Sonic network narrative

Looking into the network’s milestones

Fantom [FTM]: Technical analysis

Read More