Fantom To $2: Here’s What’s Driving The FTM Price Recovery
18 Settembre 2024 - 5:00PM
NEWSBTC
Fantom (FTM) is enjoying much bullish momentum at the moment, and
the odds of the coin rising to as high as $2 has increased. The FTM
price recovery is thanks to Fantom’s fundamentals, which have
sparked a positive sentiment among investors. What Is Driving
The FTM Price Recovery Fantom’s price recovery is mainly driven by
its bullish fundamentals, especially the imminent launch of the
Sonic network. In a recent blog post, Sonic Labs announced that
Sonic’s launch is scheduled for November/December 2024. Investors
consider Fantom’s transition to Sonic bullish, which explains why
they are investing in the FTM ecosystem ahead of the launch.
Related Reading: Cardano (ADA) Enters Stage 3 That Will Trigger
4,500% Rally To $15 According to the announcement, the layer-1
network Sonic will be EVM-compatible, enabling decentralized
applications (dApps) built on other EVM chains to be integrated
into the network easily. The network will provide a secure gateway
to Ethereum through its layer-2 network. The post also
claimed that Sonic will provide the “fastest settlement layer for
digital assets with over 10,000 TPS and one-second confirmation
times for transactions ” upon launch. This feat will set a new
standard in the blockchain space and put Sonic ahead of its
competitors. Meanwhile, following Sonic’s launch, there will
be an airdrop, which will cause more liquidity to flow into the
Fantom ecosystem and further spark the FTM price recovery. The
Sonic Foundation will airdrop 190 million S tokens out of its 500
million treasury to Fantom users. It is worth mentioning that
FTM holders can swap their coins 1:1 for the S token, Sonic’s
native token, upon the launch of the new layer-1 network.
Meanwhile, the S token will not experience any inflation in the
first six months, which is positive since investors can rest
assured that there won’t be a supply shock following Fantom’s
transition to Sonic. Other bullish fundamentals sparking the
FTM price recovery include the fact that Andre Cronje, Sonic Labs’s
co-founder, will build new decentralized finance (DeFi) primitives,
with 90% of gas spent said to be going back to applications and
developers. The Charts Also Support Fantom’s Bullish
Fundamentals Crypto analyst Jagoilio recently highlighted how the
charts support the FTM price recovery, with the coin likely to rise
higher. He stated that Fantom has moved past its bearish trend and
is now looking to break its diagonal resistance. He added that this
presents the notion that the crypto is enforcing a bullish market
structure and seeking a higher high. Related Reading: Analyst
Identifies $0.75 As Most Crucial Target For XRP Price In The
Campaign For $1 The analyst expects Fantom to enjoy a massive price
rally in the fourth quarter, especially following the Fed rate cuts
and the US presidential elections. Jagoilio went as far as
asserting that FTM can outperform Bitcoin and Ethereum. He also
claimed that Sonic will become the supreme layer-1 solution and
outperform Solana. According to data from CoinMarketCap, FTM
is trading at around $0.57 at the time of writing, up over 9% in
the last 24 hours. Featured image created with Dall.E,
chart from Tradingview.com
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