Binance Unveils Fantom to Sonic Swap – Sell FTM Now or Wait?

Fantom to Rebrand as Sonic: What You Need to Know

Fantom is set to undergo a major rebranding, transitioning to Sonic (S) in early January 2025. This shift is significant for crypto enthusiasts, particularly as it involves a token swap and exchange delisting. Binance, the world’s largest cryptocurrency exchange, has confirmed its support for the rebrand and swap, creating a buzz within the crypto community.

What is Happening to FTM?

Fantom’s rebranding will take place in early January 2025, and Binance will halt deposits and withdrawals of the FTM token starting January 13, 2025, at 3:30 UTC. Additionally, all FTM trading pairs, including FTM/BTC, FTM/USDT, and FTM/ETH, will be delisted. After the rebrand, the FTM token will adopt the new ticker “S” on Binance.

Once the rebranding is complete, Binance will open trading for the new Sonic (S) token with several trading pairs, including:

• S/BTC
• S/BNB
• S/ETH
• S/EUR
• S/FDUSD
• S/TRY
• S/USDC
• S/USDT

These new pairs will be available from January 16, 2025, at 8:00 UTC.

Impact on FTM Price

Following the announcement, some traders and investors have raised concerns about how this rebranding might affect the FTM price. However, Binance clarified that the FTM tokens will be swapped to Sonic (S) at a 1:1 ratio, meaning 1 FTM will equal 1 S. This reassures the market that the price should not experience significant fluctuations due to the rebrand.

As of the latest data, FTM is trading near $1, having experienced a slight decline of 0.35% over the past 24 hours. However, the token’s trading volume has surged by 37%, indicating increased participation from traders and investors in response to the news.

Fantom Technical Analysis and Key Levels

According to AMBCrypto’s technical analysis, FTM is currently testing a crucial support level at $0.95. The analysis suggests that if FTM holds this support, there is a potential for a 40% price increase, with the next resistance level at $1.43. However, if FTM fails to hold above $0.95 and closes below $0.91, it could see a decline of 30%, with the next support at $0.64.

FTM’s Bullish On-Chain Metrics

Despite the uncertainty around the rebranding, on-chain metrics for FTM suggest a bullish outlook. Traders and long-term holders are continuing to build positions, with significant interest from the community. Coinglass, an on-chain analytics firm, reports that exchanges have seen an outflow of $9.5 million worth of FTM tokens over the past 24 hours, suggesting that long-term holders are withdrawing tokens to wallets. This movement indicates potential upside momentum and may present an ideal buying opportunity.

Furthermore, FTM’s Open Interest (OI) has increased by 14%, indicating that new positions are being formed and more traders are participating in the market. When combined with the positive technical analysis, these on-chain metrics suggest there are no bearish signs, and the price may experience upward momentum in the coming days.