Fantom Surges Ahead of Sonic Upgrade: $1 Next?

Fantom Price Gains Momentum Ahead of Sonic Upgrade

Fantom’s price is showing increased momentum with the upcoming Sonic upgrade, introducing the Fantom Virtual Machine (FVM) and optimized Lachesis. This development is enhancing the blockchain’s scalability and boosting FTM’s market value.

Highlights

• Fantom price jumps 15%, buoyed by bullish market trends.
• Sonic upgrade introduces FVM, optimized Lachesis, and Carmen storage on FTM.
• Total Value Locked on Fantom reaches $92.98 million, reflecting growth.

Fantom Maintains Bullish Trend Despite Market Fluctuations

Fantom (FTM) is sustaining a bullish trend despite some fluctuations in the broader market. The current price remains stable around key support levels, reflecting a degree of market volatility. With anticipation growing for the upcoming Sonic Upgrade, Fantom’s value is seeing increased momentum, indicating a strong upward trajectory.

In the cryptocurrency market, trends are mixed. Bitcoin remains above the $60,000 mark, while Ethereum hovers near $2,300 ahead of the Federal Reserve meeting. Despite the overall stability, Floki has seen notable growth, increasing by over 15% in the past week.

Fantom Price Surges as Sonic Upgrade Nears

The highly anticipated Sonic upgrade is set to revolutionize Fantom’s blockchain by introducing the Fantom Virtual Machine (FVM) along with a refined Lachesis consensus mechanism and Carmen database storage. This upgrade, expected between November and December 2024, will drastically increase Fantom’s transaction capabilities.

Currently, Fantom processes 30 transactions per second (TPS), but post-upgrade, the blockchain will be able to handle over 2,000 TPS with transaction finality in just about one second. Recent testnet trials have confirmed these metrics, with simulated traffic achieving finality in 729 milliseconds. This advancement is expected to significantly boost demand for the FTM token and increase its market value as investor interest grows.

FTM Price Poised to Break Key Resistance Levels

In the last 24 hours, Fantom’s price has shown varied activity. As of writing, FTM is trading at $0.5708, with a slight surge of 2%. The asset’s price fluctuated between a low of $0.5501 and a high of $0.5871, reflecting the mixed sentiment of investors amidst current market trends.

The technical indicators for FTM show a bullish outlook, with the Relative Strength Index (RSI) climbing towards overbought territory, currently at 67. Fantom’s Total Value Locked (TVL) is at $92 million, showing minimal volatility with a 0.01% decrease in the past 24 hours. This steady TVL reflects ongoing trust and participation in Fantom’s DeFi ecosystem.

Potential Breakthrough and Price Rally

Fantom is currently trading near the $0.6 resistance level. If buying pressure continues to rise, FTM could break this resistance, potentially pushing toward $0.7. A breakthrough beyond this level might spark a rally that drives FTM’s price toward $0.8, and possibly even the key $1 mark ahead of the Sonic Upgrade.