FTM Jumps 21% Amid Sonic Mainnet Buzz

Fantom (FTM) Soars 21% Amid Sonic Mainnet Launch Hype

Fantom’s native token, FTM, has emerged as the leading gainer among the top 100 cryptocurrencies by market capitalization, thanks to rising community excitement surrounding its Sonic mainnet launch and a notable increase in whale investments.

FTM’s Impressive Surge

On November 27, FTM surged by over 21%, reaching an eight-month high of $1.13 during early Asian trading hours. This price spike led to a substantial increase in its market capitalization, which exceeded $3 billion, positioning FTM as the 53rd largest crypto asset by market cap, according to data from CoinGecko.

Over the past five days, FTM has enjoyed a strong upward momentum, gaining over 56.47% during the past week. However, the token remains down by 68.84% from its all-time high of $3.46, which was achieved in October 2021.

Why is Fantom Rising?

The recent surge in FTM’s price can be attributed to several factors:

• Sonic Mainnet Launch: The upcoming Sonic mainnet upgrade has been a key catalyst, generating excitement within the community.
• Increased Whale Activity: Data from IntoTheBlock shows a dramatic rise in whale investments, with netflow surging by over 1235% between November 20 and 22.
• DeFi Ecosystem Developments: The Sonic upgrade aims to enhance Fantom’s position in the decentralized finance (DeFi) space, despite the ecosystem’s total value locked (TVL) decreasing from a high of $15 billion to $312.39 million.
• Strategic Partnerships: Sonic Labs has partnered with OctavFi, a Web3 financial data platform, to enhance on-chain treasury management and financial reporting within the Sonic ecosystem.

Resistance at $1.13: What’s Next for FTM?

As FTM experiences increasing interest from the crypto community, analysts are watching a crucial resistance level at $1.13. If FTM can break through this level, the altcoin’s price could continue to rise. Analysts have outlined potential future price targets:

• CryptoBullet: If FTM surpasses $1.13, the price could reach $1.62, with further targets at $2.20 and $2.77.
• Altcoin Sherpa: The crypto commentator sees $1.13 as a critical resistance, noting that FTM’s rally follows more than two years of accumulation, which could lead to significant upside if breached.

Technical Indicators: Bullish Trend Remains Strong

On the FTM/USDT chart, the Relative Strength Index (RSI) is at 70, indicating that the price might pull back in the short term due to overbought conditions. However, the Moving Average Convergence Divergence (MACD) line is well above the signal line, which suggests that the bullish trend remains strong and could sustain the rally despite potential short-term corrections.

Should the rally continue, FTM may see a retracement to the $1.00-$1.02 support zone before making another attempt at higher levels. The next key resistance is expected to lie between $1.13 and $1.20.

Conclusion

Fantom’s (FTM) remarkable price surge, driven by the anticipation of the Sonic mainnet launch and increasing whale investment, has solidified its position as one of the top-performing cryptocurrencies in the market. With a strong bullish trend and key resistance levels ahead, investors are watching closely to see if FTM can maintain its momentum and break through critical price levels in the coming days.