Sonic Labs’ Bold Move: Fantom’s Rise as a Scalable Blockchain Powerhouse

Fantom’s Evolution: The Launch of Sonic Mainnet

Fantom is a highly scalable blockchain platform designed for decentralized finance (DeFi), crypto dApps, and enterprise applications. On December 18, 2024, Sonic Labs launched the highly anticipated Sonic mainnet, marking a major upgrade from the previous Fantom platform. This launch brings a range of improvements and new features that make it more attractive to both developers and users.

The Sonic platform is fully compatible with Ethereum, making it easier for developers to transfer their applications and tap into the growing Ethereum ecosystem. With the ability to handle up to 10,000 transactions per second, Sonic offers superior scalability, ensuring fast and efficient transactions. Developers are encouraged to build more applications on the platform with the enticing opportunity to earn up to 90% of fees from their apps.

During the first 90 days after the Sonic mainnet launch, users can upgrade their old FTM tokens to the new S tokens, which enhances the token’s utility and further drives adoption. The launch of Sonic Labs’ mainnet aims to attract more developers and users, positioning the platform as a stronger contender in the blockchain industry.

Whale Activity Signals Growing Confidence in FTM

In recent months, whale activity has been signaling growing confidence in Fantom (FTM) tokens. On December 7, 2024, a whale invested approximately $2 million to purchase 1.47 million FTM tokens, highlighting strong support for the coin. This investment is part of a broader trend of increased whale holdings, suggesting optimism regarding Fantom’s future price performance, especially following the upcoming Sonic upgrade.

In addition to the increased whale activity, many FTM tokens are being moved off exchanges into cold storage. This move reduces selling pressure and indicates that whales are holding their positions in anticipation of potential price increases. Overall, this growing confidence from large investors reflects a positive outlook for Fantom’s future in the blockchain ecosystem.

Market Analysis: FTM Price Movements and Predictions

After reaching a multi-year high of $1.45, the price of FTMUSD has experienced a decline of over 45%. Currently, the pair is trading around $0.7957, having hit a low of $0.7682. A close above $1.50 would confirm further bullish sentiment for FTM. However, it remains below both short-term (34 and 55 EMA) and long-term moving averages, signaling the need for cautious optimism.

• The bearish invalidation would occur if FTMUSD closes below $0.50.
• The near-term support level is at $0.75.
• If the price breaks below this level, the next targets would be $0.60 and potentially even $0.50.

Trading Strategy: Optimal Moves for Investors

For investors looking to trade FTM, the immediate resistance is around $1.00. A close above this level could signal a minor pullback, followed by potential price jumps to the following levels:

• $1.25
• $1.45
• $1.82 or even $2.00.

If FTM surpasses the $2 mark, it could eventually rise to $2.40 or even $3.00. For optimal trading, consider buying on dips around $0.75, setting a stop loss (SL) around $0.50, and targeting a take-profit (TP) of $2.00.