As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies, I must say that the recent surge in Fantom (FTM) is indeed intriguing. The anticipation surrounding the Sonic upgrade has certainly ignited a bullish sentiment among investors, pushing the asset’s price to new heights and propelling it into the ranks of the top 50 cryptocurrencies by market cap.
There’s been a noticeable surge in optimism towards Fantom, as investors anticipate the implementation of the Sonic upgrade.
In just the last 24 hours, Fantom (FTM) has experienced a 11% increase and is currently valued at around $0.56. This asset’s market capitalization has gone beyond the $1.5 billion threshold, placing it as the 48th largest cryptocurrency in circulation.
Moreover, FTM’s daily trading volume increased by 26%, reaching $270 million.
As a crypto investor, I’ve noticed an exciting price surge in my FTM holdings. This uptick seems to be driven by the overwhelmingly positive sentiments from fellow investors regarding the platform’s transition to Sonic Labs, a move that promises significant advancements and growth potential.
As stated in their blog announcement on August 1st, they launched their test network for Sonic on September 6th. This innovative layer-1 network is reportedly more scalable and features a connection to the Ethereum blockchain.
This year, it’s expected that the S token will be released alongside the FTM token at a rate of one for one, as stated in the recent announcement.
Based on information from Santiment, the positive sentiment surrounding Fantom has escalated to a degree not witnessed since March 2023, coinciding with an increase in its value from $0.31 to $0.52 at that time.
Since September 14th, there has been a significant increase in the daily number of whale transactions involving at least $100,000 worth of FTM. This figure has risen from 5 to 17 unique transactions each day, according to data from Santiment.
An increase in whale activity often amplifies the fluctuations in an asset’s value. Consequently, this may lead to more forced sales (liquidations), potentially triggering a drop in the asset’s price.
Data from the market intelligence platform shows that the FTM Relative Strength Index is currently sitting at 63, indicating that the asset is slightly overbought at this price point.
If the Relative Strength Index (RSI) goes beyond 75, it’s likely that Fantom (FTM) might experience a price correction because the overall cryptocurrency market is showing heightened volatility in anticipation of the U.S. Federal Reserve’s interest rate decision.
Read More
Sorry. No data so far.
2024-09-17 12:06