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Sonic (S) Leads Crypto Market With 54% Weekly Surge, Is $1 The Next Stop?

Sonic (S), previously known as Fantom (FTM), is leading the crypto market with a significant surge over the daily and weekly timeframes. Analysts noted that the post-rebrand bullish momentum has sent the token to test a key resistance level, which could propel the price to the $1 barrier.

Sonic Leads With Post-Rebrand Bullish Momentum

Following the anticipated token upgrade, Sonic’s native token price has seen significant bullish momentum, reaching the $0.80 mark twice. On January 13, Fantom officially rebranded as Sonic, upgrading FTM tokens to S tokens on a 1:1 ratio.

Amid the rebrand, the cryptocurrency hit a yearly high of $0.84 before retracing to the $0.50 support in the following days. Over the past month, the cryptocurrency has hovered between the $0.40-$0.60 price range, finally breaking out of this range at the start of this week.

Crypto analyst Michaël van de Poppe highlighted that Sonic has been one of the key ecosystems recently, with its Total Value Locked (TVL) surging 300% in less than two months. According to DeFiLlama data, Sonic’s TVL has surged from $405.39 million to $635.31 million in the past seven days.

Sonic

The analyst also remarked S is fully unlocked, unlike other leading altcoins like Solana (SOL) and SUI, and has high throughput and fast settlement. Based on this, he considers Sonic “a true competitor of SOL and likely one to watch for the upcoming year as the price has bounced the strongest.”

Sonic has been one of the leading altcoins this week, surging as the best-performing cryptocurrency in the top 100 with its 54.61% weekly increase. Additionally, it has come on top in the daily timeframe, leading the market with its 20% jump in the past 24 hours.

S Breakout Hits New High

Several market watchers have noted S’s recent performance, suggesting it could continue its bullish momentum. Altcoin Sherpa stated Sonic is “still one of the strongest midcaps there is right now.”

The analysts hinted it could surge to higher price targets as FTM hit an all-time high (ATH) of nearly $4 last cycle.

Meanwhile, analyst Sjuul from AltCryptoGems pointed out that the cryptocurrency formed a rounded bottom over the past four weeks after falling below $0.60. This Monday, S’s price broke above this key resistance.

Over the past three days, Sonic has reclaimed the $0.60-$0.65 price range, confirming the breakout from the one-month downtrend. This performance led S to another 20% surge in the past 24 hours to retest the $0.80 resistance and a new yearly high at $0.87.

However, Ali Martinez stated Sonic could see a spike in profit-taking on the horizon. The analyst indicated that the TD Sequential flashed a sell signal on the 4-hour chart after hitting the $0.80 target from its head-and-shoulders pattern.

A sell-off could see the cryptocurrency’s price retrace to its $0.60 support zone and retest it. Meanwhile, holding the current level could further propel Sonic’s bullish momentum toward the $1 barrier.

As of this writing, S trades at $0.86, a 66% increase in the monthly timeframe.

sonic, s, suds

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Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals What’s Next In The Parabolic Trend

A crypto analyst on TradingView, known as ‘Tradecitypro,’ has published a detailed Fantom (FTM) report, breaking down the cryptocurrency’s price action across the daily and 4-hour timeframe. After accurately predicting Fantom‘s surge above $1, the analyst highlights key price levels, market trends, potential price movements, and bullish technical indicators for FTM’s next parabolic trend. 

Fantom Daily Timeframe: Signs Of Trend Weakness

After correctly forecasting FTM’s price breakout at $0.84, the TradingView analyst has revealed that the cryptocurrency is now following a parabolic uptrend, supported by a curved ascending trendline. According to the analyst, Fantom’s price has reacted multiple times to this distinctive trendline, ending price corrections and resuming its upward momentum.  

During the last bullish surge during Fantom’s uptrend, the cryptocurrency broke past the 0.7707 resistance and rose to the weekly resistance zone at 1.1116, where it stabilized above that level. Moreover, several indicators suggest that FTM may be slowing down and losing momentum. Its candle sizes have been gradually shrinking, indicating reduced bullish activity. Additionally, price corrections have intensified, signaling increased selling pressures and potential profit-taking.

Fantom 1

Fantom’s trading volume has also declined, suggesting that traders’ interests might shift. Another technical indicator that is currently bearish is the Relative Strength Index (RSI), which is showing signs of divergence, signaling a potential reversal of the price of FTM drops below 55.74 on the RSI. 

Looking ahead, the TradingView analyst has revealed that a notable sign of sharp bullish trends and pre-pump movements is when a cryptocurrency exhibits weakness and a potential for a price reversal. If the current bearish trend for Fantom continues, the analyst has set the first minor resistance level at 1.6218. 

Additionally, if FTM can maintain a stable price above this zone, its next and strongest resistance could be at 3.2506. This resistance zone is near FTM’s all-time high of $3.46, representing a significant supply region.

On the other hand, if FTM experiences a price correction, it would likely drop to the first support at the curved trendline. If the trendline is broken, the next price levels to watch are 1.1116 and 0.7707. A sustained price decline below 0.7707 would invalidate the previous bullish scenario for Fantom, potentially pushing the price further down to between 0.5349 and 0.2928. 

4-Hour Timeframe: Ascending Channel And Potential Breakouts

In the 4-hour timeframe, the TradingView analyst revealed that Fantom is currently moving within an Ascending Channel. The cryptocurrency’s price is interacting with the midline of the channel, providing temporary support. 

Fantom 2

The analyst has revealed that no significant moves will be expected if Fantom remains within this Ascending channel. However, if the cryptocurrency can break out, it could lead to two potential scenarios: the start of a new parabolic trend or a trend exhaustion due to a loss in bullish momentum.

The TradingView analyst has identified the price level at 1.636 as Fantom’s next static resistance. However, if FTM’s price has not yet reached this zone, the analyst suggests a safer strategy of taking long positions based on Dow Theory and channel breakouts.

Fantom FTM price chart from Tradingview.com

 

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Fantom Price Breakout: Analyst Shares Anatomy Of FTM’s 18,000% Move To $150 By 2025

A recent technical analysis on TradingView has drawn attention to the Fantom price, with a projected 18,000% increase to reach $150 by 2025. Ultra-bullish predictions are common in the crypto market, but this one is exceptionally optimistic for Fantom. The technical analysis, which dates back to the crypto’s price action in late 2020, bases the ultra-bullish prediction on historical price trends and technical patterns forming on the Fantom price chart.

Anatomy Of FTM’s 18,000% Move

The analyst’s prediction begins by highlighting Fantom’s significant price correction of 70% from its 2021 all-time high of $3.46. Despite this, technical indicators show that investors are now adopting a bullish outlook on the cryptocurrency. The 10-day Fantom/TetherUS chart reveals resistance breakouts in both the price action and the RSI indicator, signaling a shift in momentum from bearish to bullish. Consequently, the analyst’s technical setup now indicates a bullish reversal in progress. 

Central to the forecast is the bull flag pattern that spans Fantom’s price movements over the past three years. Notably, recent price action has seen the Fantom price breaking above this bull flag pattern. The analyst notes that if this pattern repeats the impulsive wave seen in Fantom’s rally in 2021, the cryptocurrency could achieve another 18,000% increase. Back in 2021, this 18,000% increase saw the price of Fantom go from around $0.015 in November 2020 to $3.46 by October 2021.

Although the cryptocurrency landscape has changed since then, the analyst predicted that Fantom could repeat another 18,000% move in light of the bull flag breakout. This would translate to a price of $150 from the current price level. Such a move would undoubtedly see Fantom outperforming most cryptocurrencies.

Nonetheless, the analysis emphasizes the need for patience, as corrections of up to 80% may occur during the projected climb. The confluence of multiple technical indicators, visualized through red and blue arrows on the chart below, further supports the forecast.

Fantom price

Key Resistance Levels And Risk Assessment

The analyst identifies $3 as the first major resistance level, highlighted by the formation of an inverse head-and-shoulders pattern. Breaking through this zone would be a crucial step in validating the bullish trajectory.

At the time of writing, Fantom (FTM) is trading at $1.03. Its price movements in the past seven days have traded between the upper and lower ends of $1.29 and $0.987, respectively. However, Fantom is still bullish on the larger timeframe, as it is currently up by over 61% in the past 30 days. 

An 18,000 projection from the current levels would require far more capital inflow than it did in 2021, when Fantom was trading around 1 cent. Regardless of how this 18,000% projection plays out, the Fantom price is on track to keep on its steady growth alongside the rest of the crypto market, especially if an altcoin season eventually rolls in.  

Fantom price chart from Tradingview.com

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Analyst Says Fantom (FTM) Downtrend Is Over, Is $1 The Next Stop?

Fantom (FTM) registered a remarkable performance over the past 24 hours, attempting to break above a crucial horizontal level. Some market watchers forecasted a 345% surge before the year’s end but set the key levels to reclaim before FTM’s new all-time high (ATH).

Fantom Breaks Out Of Downtrend

As Sunday ended, Fantom’s price jumped 8.2% toward a crucial resistance level not seen in four months. The cryptocurrency neared the $0.8 mark for the second time in the last seven days, fueling a bullish sentiment among investors.

FTM has registered a 46.6% increase in the past three months, recovering from Q3’s market crashes and challenging June’s price action. June’s horizontal resistance marks the first crucial level for the cryptocurrency, as it was a strong support area during Q1 and Q2.

Moreover, Fantom has been on a 7-month downtrend since its yearly high of $0.97, currently sitting 23% below it. Market analyst AMCrypto suggested that the cryptocurrency’s downtrend “is now over.”

The analyst noted that the token broke above the trendline after surging above the $0.74 resistance level and testing it as support over the last week. However, he highlighted the similarities between FTM’s chart today and before Q1’s rally.

Fantom

Fantom rose two times to the upper range of its accumulation zone and retraced before its run toward its yearly high. To AMCrypto, FTM could see a final correction toward the $0.70-$0.72 range before rallying 35% toward “$1 and above.”

Similarly, crypto investor Rager commented on FTM’s chart strength. To the investor, the token “gives the Solana 2023 pump-like vibes,” suggesting it will “play catch up for the major chains over the next three months.”

FTM’s Price Targets $3

Analyst Altcoin Sherpa shared his thoughts on the token’s future performance. Sherpa considers that Fantom will continue “to grind higher” if Bitcoin’s price remains stable.

BTC’s movements have affected FTM’s price, losing support losing its support whenever the flagship crypto drops. However, Fantom has managed to hold above the recently reclaimed $0.74 mark as Bitcoin dropped 2.2% to the $67,000 support zone on Monday morning.

The cryptocurrency must regain the $0.75 mark to continue building on its bullish momentum and reclaim the $0.8 resistance. Turning this level into support targets a potential rise above $3.

Meanwhile, other market watchers suggested that FTM will hit a new ATH before its token migration. As reported by NewsBTC, Fantom is set to transition to the Sonic Network between November and December of this year.

The transition will see FTM migrating to Sonic’s native token, S, offering a 1:1 conversion ratio for FTM holders. The new cryptocurrency will have a 3.175 billion token supply like Fantom but will mint an additional 190.5 million tokens, worth 6% of the supply, six months after its launch.

Fantom trades at $0.746, a 0.4% surge in the daily timeframe at the time of writing.

Fantom, FTM, FTMUSDT

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Bitcoin To $80,000, Dogwifhat To $7, And Fantom To $1? Analyst Shares ‘Realistic Targets’

Crypto analyst Wisdom Matic has shared realistic price targets for Bitcoin (BTC), Dogwifhat (WIF), and Fantom (FTM). The analyst suggested that these coins would reach these price levels in this bull run, although he didn’t state when exactly it would happen. 

Bitcoin, Dogwifhat, And Fantom To Reach These Price Targets

Wisdom Matic predicted in an X post that Bitcoin would reach $80,000, Dogwifhat would reach $7, and Fantom would reach $2. He claimed these were realistic targets compared to other predictions, providing a more bullish outlook for these coins. However, the analyst failed to state whether these price targets represented the market top for these coins or were prices he expected these coins to reach soon enough. 

However, based on market experts’ predictions, Wisdom Matic’s predictions will likely be short-term targets. Experts like Standard Chartered and Bernstein have predicted that Bitcoin could at least reach $100,000 in this bull run. Interestingly, Standard Chartered predicted that BTC could reach this price level even before the US elections on November 5. Meanwhile, they added that Bitcoin could reach $150,000 by year-end if Donald Trump wins the election. 

Bernstein analysts predicted that Bitcoin could rise to as high as $90,000 if Trump wins, although they still see the flagship rising above $100,000 before the market peaks. Meanwhile, in a recent market update, 10x Research founder Markus Thielen predicted that Bitcoin could rise to $75,000 by late October as it breaks its current all-time high (ATH) of $73,000. 

Bitcoin’s rise to a new ATH this month is also supported by the fact that the flagship crypto usually records double-digit gains in October. Therefore, a repeat of these double-digit gains would easily send the BTC price above $70,000 and on its way to a new ATH. 

The Altcoins Also Boast Bullish Outlooks

Dogwifhat and Fantom can undoubtedly reach Wisdom Matic’s price targets, as they both boast bullish outlooks. As the foremost meme coin in the Solana ecosystem, Dogwifhat moves alongside SOL and is bound to rise as SOL surges. 

Solana’s fundamentals are currently bullish, which supports the price rise. Some of these bullish fundamentals include the plan to launch the Solana Seeker mobile next year. Meanwhile, institutions like Franklin Templeton and Citibank want to adopt the Solana network for their tokenized offerings. Wisdom Matic predicted that SOL will reach $350, representing a new ATH for the coin. 

Fantom’s outlook is also bullish because of its fundamentals. Fantom is set to transition to Sonic sometime in November or December of this year. Sonic will be EVM-compatible, ensuring that decentralized applications (dApps) on other EVM chains can be integrated onto the network. Andre Cronje, Sonic’s co-founder has also hinted at potential decentralized finance (DeFi) plans for the Sonic ecosystem, which is also bullish for the FTM price as it could aid the coin’s adoption among DeFi users. 

Bitcoin price chart from Tradingview.com (Fantom Dogwifhat)

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These Altcoins Are Seeing High Whale Interest After Fed Rate Cut

On-chain data shows three altcoins are observing a high transaction activity from the whales after the US Federal Reserve (Fed) announced a rate cut.

Whale Transaction Count Has Spiked For These Altcoins Recently

In a new post on X, the on-chain analytics firm Santiment has discussed the Whale Transaction Count trend for three altcoins. The “Whale Transaction Count” here refers to an indicator that keeps track of the total number of transactions taking place on a given cryptocurrency network that involves a value of more than $100,000. Transfers of this scale are typically associated with whales, the largest entities on the network, so the indicator’s value can provide hints about the current activity from this cohort.

When the value of this metric is high, it means the whales are making a large amount of moves right now. Such a trend implies these humongous holders have an active interest in trading the coin. On the other hand, the indicator having a low value suggests this group may not be paying too much attention to the asset at the moment as they aren’t making that many transfers.

Now, here is a chart that shows the trend in the Whale Transaction Count for three altcoins, Immutable X (IMX), Fantom (FTM), and Basic Attention Token (BAT), over the last few weeks:

Altcoins Whale Transaction Count

As displayed in the above graph, large spikes in the Whale Transaction Count have been observed for all of these altcoins over the last couple of days. This would suggest that the whales have suddenly become very active on these networks. The timing of the spikes would mean this activity is likely related to the interest rate cut announced by the Fed. While the high values indicate a surge in trading interest from the whales, the Whale Transaction Count alone can’t tell us what sort of trades these humongous investors are making exactly.

Buying and selling transactions both look the same from the perspective of the indicator, and thus, carry the same weightage in its count. What can provide hints about whether accumulation or distribution is dominant, though, is the surrounding price action.

Bitcoin and the altcoins as a whole, including Immutable X and company, have surged since the Fed announcement, so the increased whale activity could be associated with buying.

Naturally, any further spikes in whale activity aren’t necessary to be bullish, but Santiment notes that if Bitcoin and others continue to grow, then these altcoins can also thrive off a high Whale Transaction Count.

IMX Price

Immutable X has continued the latest bullish push during the last 24 hours with another surge of almost 10%, which has taken its price to $1.58. The below chart shows how the recent performance of IMX has been like.

Immutable X Altcoins Price Chart

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Fantom To $2: Here’s What’s Driving The FTM Price Recovery

Fantom (FTM) is enjoying much bullish momentum at the moment, and the odds of the coin rising to as high as $2 has increased. The FTM price recovery is thanks to Fantom’s fundamentals, which have sparked a positive sentiment among investors. 

What Is Driving The FTM Price Recovery

Fantom’s price recovery is mainly driven by its bullish fundamentals, especially the imminent launch of the Sonic network. In a recent blog post, Sonic Labs announced that Sonic’s launch is scheduled for November/December 2024. Investors consider Fantom’s transition to Sonic bullish, which explains why they are investing in the FTM ecosystem ahead of the launch. 

According to the announcement, the layer-1 network Sonic will be EVM-compatible, enabling decentralized applications (dApps) built on other EVM chains to be integrated into the network easily. The network will provide a secure gateway to Ethereum through its layer-2 network. 

The post also claimed that Sonic will provide the “fastest settlement layer for digital assets with over 10,000 TPS and one-second confirmation times for transactions ” upon launch. This feat will set a new standard in the blockchain space and put Sonic ahead of its competitors. 

Meanwhile, following Sonic’s launch, there will be an airdrop, which will cause more liquidity to flow into the Fantom ecosystem and further spark the FTM price recovery. The Sonic Foundation will airdrop 190 million S tokens out of its 500 million treasury to Fantom users. 

It is worth mentioning that FTM holders can swap their coins 1:1 for the S token, Sonic’s native token, upon the launch of the new layer-1 network. Meanwhile, the S token will not experience any inflation in the first six months, which is positive since investors can rest assured that there won’t be a supply shock following Fantom’s transition to Sonic. 

Other bullish fundamentals sparking the FTM price recovery include the fact that Andre Cronje, Sonic Labs’s co-founder, will build new decentralized finance (DeFi) primitives, with 90% of gas spent said to be going back to applications and developers. 

The Charts Also Support Fantom’s Bullish Fundamentals

Crypto analyst Jagoilio recently highlighted how the charts support the FTM price recovery, with the coin likely to rise higher. He stated that Fantom has moved past its bearish trend and is now looking to break its diagonal resistance. He added that this presents the notion that the crypto is enforcing a bullish market structure and seeking a higher high.

Fantom FTM

The analyst expects Fantom to enjoy a massive price rally in the fourth quarter, especially following the Fed rate cuts and the US presidential elections. Jagoilio went as far as asserting that FTM can outperform Bitcoin and Ethereum. He also claimed that Sonic will become the supreme layer-1 solution and outperform Solana. 

According to data from CoinMarketCap, FTM is trading at around $0.57 at the time of writing, up over 9% in the last 24 hours.  

Fantom FTM price chart from Tradingview.com

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FTM Rockets 17% Amid Growing Interest In Fantom Ecosystem

Fantom (FTM) has been soaring 17% over the past week, on a quite decent trend, with strong support recorded in the area of $0.47-$0.48, data from IntoTheBlock indicates. This suggests that the price jump may be connected to increased demand and growing network interest.

Approximately 1,560 addresses bought 242.56 million FTM tokens in this range, thereby providing a firm base for the recent run. Crypto trader Mister Crypto mentioned the network’s ongoing development, saying, “It’s one of my major holdings, and I believe it will eventually see a massive leg up.”

The trading volumes show growing interest; CoinMarketCap notes that they jumped over 150% last week. Rising Total Value Locked by $2 billion is driving expansion of the DeFi ecosystem. Will FTM, however, be able to overcome crucial resistance? Let’s dig deeper into numbers.

Fantom IOMAP chart. Source: IntoTheBlock

DApp Volumes Triple Overnight

The Fantom ecosystem is also performing well and more so in the dApp space. According to the report by DappRadar, volumes rose from $3.4 million to $9 million within just 24 hours, showing how relevant the network was in decentralized applications. DeFi activity on Fantom has also increased much as data from DeFiLlama indicate that TVL of the network stands at $77 billion.

This boom attracts not only traders but also developers and makes Fantom a strong player in the DeFi area. While these developments are promising, the actual test would be if FTM can break through its long-standing resistance level.

FTM Hits Major Resistance

FTM had been retesting a resistance point of $0.52 for weeks, and, with multiple pushes to break through, it has failed on many occasions, causing each failure to result in a bearish reversal, although there are signs that FTM might finally break this trend.

FTM’s CMF has also flipped positive, indicating strong buying pressure. OBV is rising accompanied by an increase in trading volume. Confirmation of the trend will be coming if OBV breaks above its “smoothing line.” Breaching $0.52 will open the way for further rally to the 1.618 level at $0.63.

What’s In Store For Fantom?

Mister Crypto shares some optimism about the future for Fantom, saying that all the silent development work is going on in the background. He believes that though FTM may take some time to take off, the network is in for huge long-term growth. The most exciting new development lies in the Sonic upgrade, which should roll out around the end of 2024.

It means Sonic will bring a new Fantom Virtual Machine, an optimized Lachesis consensus mechanism, and advanced database storage. These upgrades will help improve the network speed and scalability. All these upgrades can make the network more appealing to developers and investors alike.

Looking ahead, Fantom’s strong on-chain support combined with some technical upgrades on the horizon keeps it primed and ready to display excellent growth going forward. Despite this, a push above the $0.52 resistance level remains an immediate necessity, the outlook long-term does indeed look hopeful with the Sonic upgrade and growth of DeFi.

Featured image from Shrimpy Academy, chart from TradingView

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Will This Experienced DeFi Founder Save FTM After Taking Over As CTO?

In five short months, FTM, the native coin of the Fantom Network, has been in free fall. In summary, the token is down a massive 70% from March highs but is presently stable, following a stream of supportive fundamentals.

A big part of the recent turnaround is due to a recovery in DeFi and capital flowing into the sector. According to DeFiLlama data, all DeFi protocols across multiple blockchains manage over $84 billion worth of assets. Though Ethereum leads, over $128 million of digital assets are tied to the interoperable Fantom Network reading from DeFiLlama.

Fantom DeFi TVL | Source: DeFiLlama

Sonic (Formerly Fantom) Appoints Andre Cronje As CTO

As DeFi TVL stabilizes in the Fantom Network, though significantly lower than in 2021, attention has been paid to the change in leadership at Sonic (previously Fantom) Labs.

According to a press release, Andre Cronje, the founder of Yearn.Finance and an experienced DeFi developer is now the new Chief Technology Officer (CTO). The DeFi founder takes over from Quan Nguyen.

Cronje will spearhead the design and development of the blockchain with a keen focus on building a new bridging technology, The Sonic Gateway. This bridge aims to ensure that Sonic is interoperable and users can move tokens across multiple blockchains, including Ethereum.

FTM price trending upward on the daily chart | Source: FTMUSDT on Binance, TradingView

Only time will tell how FTM evolves, looking at the development in the daily chart. As of mid-August, FTM is up 52% from August low. Most importantly, the token appears to be absorbing the selling pressure of the last five months.

Impact Of The Multichain Hack, Efforts To Revive FTM And Sonic Ecosystem

Following the Multichain hack in 2023, the Sonic ecosystem and FTM face challenges. The attack on the Multichain Bridge saw hackers make away with roughly $125 million of assets, a massive blow. With the community hit hard, Cronje said the Fantom team was misled about the security of Multichain.

As Sonic Labs looks to fast-track development, they recently announced the Sonic Innovator Fund. The fund, seeded from the Sonic Foundation treasury, will offer support for top protocols migrating to their platform. To make this possible, they are also working with angel investors like the founders of Aave, Curve, and Compound.

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FTM: Core Proposals Spark 16% Rally Ahead Of Sonic Mainnet Launch – Details

Fantom’s migration to Sonic is now underway, putting the platform under the spotlight which caused FTM, the native token of Fantom, to jump. According to CoinGecko, FTM gained more than 17% since last week, representing the hype their network migration caused within the community. 

The new Sonic Labs is poised to continue Fantom’s legacy as four core proposals are now underway for the eventual release of the Sonic mainnet. If passed, the proposals will provide users and developers with a smooth transition to the Sonic network once D-day arrives. 

Core Proposals Promise Smooth Transition To Sonic

According to the Sonic Labs X account, four proposals will affect the user experience during the switch to the Sonic network. The most notable is the proposed one-to-one ratio between FTM and $S, the native token of the new network. The new token will act like the old FTM token, with 3,175,000,000 $S tokens on Genesis Day. 

As a general “thank you” gesture to Opera users, the platform will allocate over 190,500,000 $S tokens to airdrop. The airdrop also has safeguards to protect the market from a sudden influx $S tokens. It will have a burn mechanism that penalizes users who choose to claim their airdrop position on day 1, burning almost 100% to 88.9% of the tokens vested for the user. 

This gives users time to contribute to the overall on-chain activity while providing a guaranteed long-term gain. The new users are also eligible to receive the airdrop once the network is released. 

Funding for the new network is also secured as they allocate 47,625,000 $S tokens for running Sonic Spark and Sonic University, providing developers the know-how to build on the platform. To ensure zero wastage of the funds, Sonic will burn the remaining funds if not used within a specified time frame. For example, if only half of the whopping 47,625,000 $S tokens were used, the other half would be burned to protect the integrity of the network while ensuring the funds are not wasted. 

Validator rewards will also be migrated from Opera to Sonic to promote the use of the network while protecting $S from too much inflation in the first four years. 

FTM Price To Stabilize On This Level Ahead Of Sonic Network Launch 

As of press time, the token is struggling to flip the $0.3689 ceiling to support which is crucial for the bulls in the long term. 

Although the token is seemingly slowing down, the market’s general positivity will pick up in the coming days, pushing bears off of the FTM market. This will open the opportunity to retake $0.3689 in the short term while providing the bears a solid support level to take $0.4855 in the long term. 

Featured image from Zipmex, chart from TradingView

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Fantom (FTM) Poised For Massive Bull Run, Analyst’s 234% Rally Prediction Raises Eyebrows

Fantom (FTM) might be up for a huge price breakout shortly after an analyst – Javon Marks – made public his prognosis of the altcoin.

Posting in X, Marks attributed this to the formation of a Hidden Bullish Divergence in the FTM chart. According to the analyst, this has the potential to cause a significant rebound in the token, including a 234% upside.

At the time of writing, FTM was trading at $0.3278, down 6.7% in the last 24 hours, but sustained a 12.7% rally in the last week, data from Coingecko show.

Early Stages Of An Uptrend

Fantom has only begun retracement, as price action has become quite cognizant with the asset. The price has experienced some swings, going down to mark a lower low, something that Marks pointed out earlier before giving a massive continuation rally. With this background, Marks assumed that FTM is probably in the early stages of an uptrend that should undo all prior losses and potentially more.

Fantom Bullish Divergence

A bullish divergence in technical analysis, is where the price makes a lower low while the oscillator shows higher values. In such a scenario, there is a warning that the price of the asset is prone to reverse and always carries a hint of the weakness in the bears while cautioning that the bulls are getting stronger.

According to the technical signal of Marks, if the price plays through in the way outlined above, Fantom may explode to 234% and further. This in itself will not only be a huge bounce for the token but might be the perfect opening to shunt the token to a crucial level of $3.

Whether such recovery is in place or not remains to be seen, something that traders and investors are discussing and most are now watching closely these price fluctuations of Fantom. Since the market of cryptocurrencies is so unpredictable, any sudden move like the Hidden Bullish Divergence could help in creating major market trends with the help of this technical indicator.


Fantom Price Forecast

The altcoin has been signaling a potential uptrend that could be achieved in the next seven days. The momentum, mostly driven by buy signals which keep mounting in the key technical indicators, is already happening.

According to the price prediction data from CoinCheckup, bullish crossovers have taken place with the relative strength index pointing upwards in a direction towards overbought territory. This is a prelude to what is seen as a very strong upward push in the nearest term with respect to the price.

In three months, Fantom is forecasted to have 38.87% growth in value on the back of positive market sentiment and growing trading volumes, CoinCheckup figures show.

Supported by such historical price patterns and Fibonacci retracement levels, FTM is about to break past several key resistance levels. Further ahead, its in-one-year prediction shows a massive growth of 207%, placing the altcoin as one of the very attractive investments for people who will be looking at long-term returns.

Featured image from Entrepreneur, chart from TradingView

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Fantom (FTM) Regains Momentum After Weeks Long Bleed – Will This Continue?

The market opened today with enthusiasm, seeing a rebound after last week’s slippage. According to CoinGecko, the entire market is up more than 3% today. This led to the bulls overtaking the bearish momentum, pulling several altcoins to the top of the list. Fantom is one of those tokens hoping for a bullish reversal. Last week, FTM was down nearly 10%, but bulls regained initiative and the token is up almost 6% today. This, along with an upcoming release might make investors and traders buy into the market’s bullishness.

Magic Is In The Air With Fantom/Sonic x Alchemy Partnership

Last Saturday, July 27th, the Fantom Foundation and Sonic Labs started an X broadcast with Alchemy, a blockchain infrastructure company, discussing the pros of the partnership between the organizations.

The partnership was first announced on Fantom’s blog in the early half of July, citing that Alchemy’s expertise in the blockchain infrastructure realm makes them the ideal partner for Sonic’s launch.

According to the broadcast, Alchemy will power the Sonic Incentive Program, giving developers access to $5,000 to help with development on the upcoming Sonic platform. This means developers needing help finding funds for their projects will have an easier time building on the upcoming platform.

The incentive program is part of the broader 200 million $S token Innovator fund to help kickstart the transition from Opera to Sonic.

Sonic’s Big Potential

With Alchemy’s pros on the board, Fantom Foundation’s Sonic will have great performance, which according to Sam Harcourt of Sonic Labs, might lead to Sonic performing sub-second transaction finality, with “100s of millions of daily transactions.”

Sonic will also give another revenue stream for developers as it will allow them to collect 90% of the gas fees on the platform to boost revenue.

Promises aside, the announcements gave investors and traders something to hold on to. Improvements in the overall infrastructure of Fantom will lead to a better user experience, leading to more users signing up and more developers seeing value in the platform.

This News Might Not Be Enough…

Although the market is bullish, FTM’s current position is weak with the bears continuing to hold on to their remaining momentum.

This will make the bulls more aggressive in the short to medium term, following the general market breakthrough that occurred today and will likely continue until the end of the week.

However, the bulls will have some difficulty in consolidating their position in the long run. FTM’s poor performance in the past month led to its stagnancy this July, leading to some investors and traders moving their money elsewhere.

If the bulls can maintain their steady ground, FTM might regain $0.6165 in the medium to long term.

Featured image from Fantom, chart from TradingView

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Cardano Among Alts Likely To See Price Boosts, Santiment Says

On-chain analytics firm Santiment has revealed Cardano (ADA) is one of the altcoins that could likely see price jumps shortly.

Cardano Among Altcoins That Are Being Heavily Shorted Right Now

In a new post on X, Santiment has talked about the altcoins being shorted against on the derivatives market. The indicator of relevance here is the “Funding Rate,” which keeps track of the periodic fee that derivatives traders have to exchange with each other.

When the value of this metric is positive, it means the long contract holders are currently paying a premium to the short investors to hold onto their positions. Therefore, this kind of trend implies the presence of a bullish majority sentiment in the market.

On the other hand, the negative indicator suggests the short holders outweigh the long ones right now, and as such, a bearish mentality is the dominant one in the sector.

In the current topic, Santiment has referred to the Funding Rate specifically for the cryptocurrency exchange Binance, which is the largest platform by trading volume and should, thus, represent the trend on other large exchanges.

Here is the chart shared by the analytics firm that shows the trend in this indicator for three altcoins over the past few months:

Cardano Funding Rate

As is visible in the above graph, all three of Cardano, Chiliz (CHZ), and Fantom (FTM) have seen their Binance Funding Rate stay inside the negative territory for the past five weeks, implying that investors have continuously been betting against a bullish outcome for them.

Historically, such aggressive shorting against any asset has positively affected its price. This is because a liquidation squeeze is more likely to affect the dominant side of the market right now.

A “liquidation squeeze” is an event where a sharp move in the price liquidates a large amount of contracts at once. These liquidations feed back into the move that caused them, thus amplifying it and kicking off a cascade of further liquidations.

The chart shows that these three altcoins had also seen a similar level of shorting earlier in the year. What followed this bearish sentiment was a surge in their prices. Cardano saw a 10% surge, Chiliz 32%, and Fantom 49%.

Thus, going by this trend, it’s possible that short liquidations could once again happen for these altcoins and lead to a rally in their prices.

ADA Price

Cardano had broken past the $0.45 mark earlier, but the asset appears to have plunged since then, as its price is now trading around $0.39.

Cardano Price Chart

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Crypto Analyst Says Ethereum Competitor Fantom (FTM) Could Jump To $1.2

Crypto analyst Altcoin Sherpa has provided a bullish narrative for Fantom (FTM), suggesting that the crypto token could soon make a significant rally to the upside. The analyst also hinted at how Fantom could rise when this happens.  

Fantom Could Rise To As High As $1.2

Based on the chart Altcoin Sherpa shared, Fantom could rise to as high as $1.2 on its next leg up. In the meantime, the analyst noted that the crypto token is consolidating at a key level. He added that he expects Fantom to form a chop range between $0.50 and $0.70 for a bit, so that range could serve as support as it moves to the upside.  

Fantom 1

Altcoin Sherpa sounded optimistic about Fantom’s trajectory, stating that he believes FTM will still be a “decent project” going forward, especially with the move to Sonic. In May, the Fantom Foundation announced plans to build Sonic, a layer-1 blockchain with a layer-2 network that connects to Ethereum. 

Crypto analyst Bitcoin Ape also shared a sentiment similar to Altcoin Sherpa, predicting that Fantom could rise to $1.2. The analyst stated that FT’M’s rally could happen once there is a market recovery, with Bitcoin leading the way. Specifically, Bitcoin Ape highlighted a falling wedge pattern formed on Fantom’s chart, which showed that a price rally was imminent. 

Fantom 2

Like Altcoin Sherpa, Bitcoin Ape also alluded to Fantom’s pivot to Sonic as a bullish fundamental for the crypto token. The analyst noted that Fantom has been on a “massive revamp lately” with several updates, including the launch of Sonic Labs. He also mentioned the over $100 million in $S (Sonic’s native token) airdrop, which could attract developers and users to Fantom’s ecosystem. 

In the meantime, Bitcoin Ape predicts that Fantom could experience more volatility in the coming days because it is currently oversold. However, once the crypto token leaves its oversold condition, the crypto analyst expects that breakout to happen. 

FTM Could Drop To As Low As $0.45 Before Next Leg Up

Crypto analyst Ijaz Awan recently predicted that Fantom could drop to as low as 0.45 before its next move up. He noted that Bitcoin’s weakness is dragging altcoins like FTM down, which is why Fantom struggles to gain momentum. As such, he predicts that the crypto token could experience a period of consolidation between $0.45 and $0.55 before its next leg up. 

However, the analyst warned that Fantom cannot afford to lose that range of support. He suggested that a drop below that price level would invalidate his structure and could lead to further price declines for the crypto token. 

At the time of writing, Fantom is trading at around $0.54, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

Fantom (FTM) price chart from Tradingview.com

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FTM’s Key Support At Risk As Fantom Launches Sonic Foundation And Wraps $10M Funding

The Fantom Foundation has recently disclosed its plans to establish the Sonic Foundation and Sonic Labs in preparation for the launch of its Sonic blockchain. 

In an announcement on Thursday, the foundation expressed its commitment to leveraging its technology and revealed additional details about the upcoming developments.

Fantom Introduces Sonic Chain

According to the foundation’s blog post, with the completion of the upgrade for their Opera chain on the horizon, Fantom is directing its focus towards creating a new “high-throughput” chain called Sonic (S). 

The introduction of the Sonic network will coincide with the establishment of the Sonic Foundation, which will assume responsibility for governance and treasury management functions. Additionally, Sonic Labs will spearhead the growth of decentralized applications (dApps), partnerships, and user engagement.

Developed under the guidance of Professor Bernhard Scholz, a virtual machine developer, and led by decentralized finance (DeFi) expert Andre Cronje, the Sonic chain represents a new type of Layer-1 platform with a native Layer-2 bridge connected to the Ethereum (ETH) network.

The Sonic chain is reportedly designed to serve as a Layer 1 solution connected to Ethereum via a Layer 2 bridge. This integration is intended to allow Sonic to leverage Ethereum’s liquidity, user base, and protocols. 

As a result, the network will combine the benefits of a Layer-1 platform, such as affordability, scalability, and speed, with the security of a Layer-2 bridge, providing access to native ETH and other assets on Ethereum. 

$10 Million Raised In Strategic Funding Round

Regarding the “S” token, a recent governance vote has secured compatibility and migration between the decentralized platform’s native token FTM and S on a 1:1 basis. 

Fantom also announced the successful completion of a $10 million strategic funding round led by Hashed, one of Korea’s cryptocurrency funds. This funding initiative for the foundation is expected to expand further in the coming months. 

In addition to Hashed, UOB Ventures, Signum Capital, and Aave (AVE) Foundation, along with angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian, and individual partners from UOB, have all provided support during the funding round.

The capital raised in the latest round of funding will be used exclusively to support strategic growth initiatives and ecosystem development within the Fantom network, according to the foundation’s statement, which concluded by saying:

Our team is steadfast in exploring how the Sonic chain can impact and elevate several different DeFi and real-world use cases. Industries and applications such as real-world assets, perpetual DEXs, payments, trading, and high-transaction-based games, can be transformed by the speed and high throughput of Sonic.

FTM Faces Potential Downtrend Continuation

Despite these developments, the FTM token has exhibited a lackluster response to the successful funding round and the potential benefits of the Sonic chain. 

As a result, the token has declined by over 4% within a 24-hour period, putting a significant level of support for the native token at risk.

Currently trading at $0.8033, the FTM token’s immediate prospects hinge on the crucial $0.7994 support level. A breach of this support could lead to further price declines, with the next major support at $0.755.

Fantom

On the other hand, if renewed bullish momentum and increased buying pressure emerge, the token may encounter resistance at the $0.844 and $0.8750 levels before potentially retesting the key $0.9 zone. Reclaiming the $1 milestone remains pivotal for the token’s overall outlook.

Featured image from Shutterstock, chart from TradingView.com

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Fantom Price Continues To Shine – What’s Behind The Latest 15% Surge?

Fantom price has been such a joy to watch for investors in recent days, as a much-needed breath of fresh air continues to spread throughout the crypto market. Bitcoin and other large-cap assets seem to be recovering well after a period of sluggish and frustrating price action.

Notably, Fantom emerged as one of the best performers in the cryptocurrency market over the past week, posting a substantial 26% price increase in the last seven days. The Layer 1 token has particularly been on a hot streak in the past day, soaring by 15%.

The Catalyst Behind The Latest FTM Surge

The much-awaited Sonic upgrade has been critical to the turnaround the Fantom price has witnessed in the past few months. Sonic is expected to improve Fantom’s technology stack and introduce major scalability enhancements without a disruptive hard fork.

Most recently, the Fantom Foundation unveiled the details of the upcoming layer-1 chain Sonic Network. According to the blog post, the new blockchain network will be connected to and be able to tap into vast amounts of liquidity, users, and protocols from “Ethereum and beyond” via a native layer-2 bridge.

As disclosed previously, the Sonic Network is expected to go live alongside a new token, with the ticker S. In the latest memo, the project revealed that FTM token holders will be able to migrate Sonic’s token at a 1:1 ratio, depending on the results of a governance vote.

The Fantom Foundation said in its latest blog post: 

Initially, this migration process is anticipated to be bi-directional, which will allow users to swap back and forth between $FTM and $S. Since the $S token will only exist on Sonic and $FTM will only exist on Opera, we anticipate utilizing a bridge to enable bi-directional swaps. This process enables a seamless migration for current Opera network participants to experience Sonic. After a transitional period (to be determined in the future), the migration process is expected to transition to a one-way migration of $FTM to $S.

The project noted that the supply of the new S token will match that of FTM to facilitate the token migration process after the Sonic chain launch. It is worth mentioning that the Fantom price experienced a significant surge following this update on the Sonic Network on May 17.

Fantom Price At A Glance

As of this writing, the Fantom price is around $0.908, reflecting an almost 15% increase in the past 24 hours.

Fantom Price