Fantom, a popular cryptocurrency, is gearing up for a major upgrade and rebranding to Sonic. This move is expected to make the L1 blockchain faster, cheaper, and more developer-friendly, positioning it as a strong competitor against other blockchain networks like Solana, Ethereum, and Avalanche.
The upgrade will also introduce a new token, Sonic, which will be swapped 1:1 to FTM to maintain its value. With this new narrative in place, many are speculating whether the token’s value will receive a significant boost.
In terms of price prediction, Fantom has shown resilience by defending the March highs of $1.2 as support on the 3-day chart. This bullish market structure has emboldened bulls to set their sights on upside targets at $1.6 or even $2.38. The RSI indicator has entered the overbought territory, indicating strong demand for FTM, while the CMF suggests positive inflows, further supporting the bullish sentiment.
On the whale front, there have been mixed signals, with whales holding 10M-100M FTM accumulating tokens while those holding 1M-10M tokens have been selling. The accumulation by the dominant whale category suggests a bullish conviction on the token.
However, the liquidation heatmap shows significant short liquidations at $1.5 and long liquidations at $1.38. Price action usually follows liquidity, so the price of FTM may tap into both liquidity areas. A clearance of the $1.6 roadblock could potentially be achieved through a short squeeze above $1.5.
It’s important to note that the information presented here is the writer’s opinion and does not constitute financial, investment, trading, or other types of advice. Stay tuned for more updates on Fantom’s price movements and market dynamics. The Benefits of Meditation for Mental Health
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