The buzz around Fantom is palpable as it gears up for the Sonic upgrade, drawing keen interest from across the crypto industry.
Trading at approximately $0.5657, Fantom’s recent activity is anything but stagnant, indicating dynamic movements amidst anticipatory developments.
Fantom’s Sonic upgrade, poised for release by the end of 2024, is generating significant interest. This upgrade will bring the new Fantom Virtual Machine (FVM), bolstering the current system with increased performance.
The blockchain’s transaction capacity will leap from 30 transactions per second (TPS) to over 2,000 TPS. This transformative leap in speed could firmly position Fantom as an industry leader, enticing a wave of developers and users to its high-efficiency platform.
Fantom is showing encouraging signs with two key bullish patterns: the falling wedge and inverse head and shoulders. The former, a classic bullish indicator, has recently been confirmed, hinting the prolonged downtrend might be closing.
With a target of $0.80 and a hopeful further projection to $1.20, there’s a palpable anticipation in the market. The confirmation of the inverse head and shoulders pattern further solidifies this potential upward movement.
Fantom’s price activity, supported by technical indicators, suggests potential gains. The RSI indicates buying strength just below overbought conditions, while the MACD’s bullish crossover points towards growing momentum.
Delving into on-chain data, 43.59% of FTM addresses are profitable as of mid-September. Meanwhile, 54.20% of holders are at a loss, framing a crucial resistance zone between $0.503 and $0.577.
This resistance must be tackled for further price movement. Data also reveal that the Total Value Locked (TVL) in Fantom’s DeFi protocols stands at $93.67 million, a reflection of solid interest and investment.
Over $337 million resides in stablecoins within the network with a daily volume of $17.69 million, promising continued engagement with Fantom’s DeFi ecosystem.
Notably, pseudonymous trader Mister Crypto sees a positive trajectory for Fantom. The network’s development behind the scenes is, in his opinion, a prelude to significant price escalation.
His belief in an eventual surge mirrors broader market sentiments. “I believe it will eventually see a massive leg up,” he asserts, anticipating a transition from current pricing.
The developmental surge expected with Sonic could be pivotal for Fantom’s market role, potentially attracting a new audience of users and developers.
Higher transaction speeds could reshape Fantom’s reputation, offering competitive advantages in the blockchain space. The process of transition and growth would necessitate robust infrastructure management and anticipation of new challenges.
Such rapid advancements place Fantom in competitive standing amongst blockchain networks, making it an attractive prospect for future-focused investments.
Despite promising technical indicators, potential challenges persist. The primary concern remains in overcoming current resistance zones to stabilise price growth.
Navigating these challenges might require strategic partnerships and technological enhancements. The market remains watchful, poised for any shifts that the implementation of new upgrades might induce.
As the crypto landscape evolves, Fantom’s strategic upgrades and technical patterns could steer its market trajectory.
The path ahead for Fantom hinges on its ability to leverage upgrades and market conditions effectively, suggesting a promising yet cautious outlook for investors.
