Sonic Rebrand: Should FTM Holders Sell or Hold?

Fantom Rebrands to Sonic: What FTM Holders Should Know

Fantom is making significant strides in the crypto market with its upcoming rebrand to Sonic (S). As part of this change, FTM holders will swap 1:1 for Sonic (S) tokens in January 2025. With key support at $0.95, it’s important to understand the potential risks and rewards. Let’s take a closer look at the rebrand and what it means for FTM holders.

What’s Happening with FTM?

Fantom (FTM) is set to undergo a major rebrand to Sonic (S) in January 2025. Binance has confirmed that it will halt FTM deposits and withdrawals starting January 13, 2025. This includes all trading pairs for FTM, such as FTM/BTC, FTM/USDT, and FTM/ETH. Following the rebrand, the new Sonic token will be available under the ticker S.

Each FTM token will be swapped on a 1:1 basis for Sonic (S). Binance reassured users that this token swap will not impact the token’s price. Although the rebrand signifies a fresh start, some concerns remain, particularly about its potential impact on FTM’s price. Currently, FTM is trading near $1, experiencing a slight drop of 0.35%. However, trading volume has surged by 37%, indicating increased market activity.

Technical Analysis: Key Levels to Watch

As FTM approaches the rebrand, traders should keep an eye on critical technical levels. Currently, FTM is trading near a key support level of $0.95. If this support holds, there is potential for FTM to rise by 40%. The next resistance level is at $1.43. However, if FTM falls below $0.91, a 30% drop to $0.64 could be on the horizon.

Here are some important levels to monitor:

• Support Level: $0.95 – If this level holds, FTM could see a potential rise of 40%.
• Resistance Level: $1.43 – The next key resistance for FTM after a potential rise.
• Critical Breakpoint: $0.91 – A drop below this level could lead to a 30% decline to $0.64.

On-Chain Data and Market Sentiment

On-chain data is also showing signs of potential growth. In the last 24 hours, $9.5 million worth of FTM was moved off exchanges, indicating that long-term holders are bullish on the token’s future. Additionally, open interest (OI) has risen by 14%, suggesting new positions are being opened and further signaling optimism for FTM.

Should FTM Holders Hold or Sell?

Based on technical analysis and on-chain data, the outlook for FTM seems cautiously optimistic. While there are no clear signs of bearish movement, it is essential for FTM holders to monitor key price levels closely. If the $0.95 support level holds, there could be upside potential for FTM, especially with the upcoming token swap to Sonic.

However, if FTM drops below $0.91, it may be wise for holders to consider selling, as a 30% decline could follow. Ultimately, staying updated on market trends and being vigilant about key price points will help investors make informed decisions regarding their FTM holdings.