According to crypto analysts, there’s a strong possibility that the value of Fantom might significantly increase by more than double (over 250%) due to several positive trends observed in its charting data.
Based on CryptoBoss’s analysis, it’s possible that Fantom (FTM) may experience its next price surge shortly after the expected Sonic update. This update is intended to transform the network into a more streamlined and resource-efficient system, thereby improving transaction speeds and lowering fees.
The analyst noted that FTM had escaped from a ‘falling wedge formation’, which is often seen as a bullish reversal signal in technical analysis, on its 4-hour FTM/USDT chart. They speculated that the altcoin might experience a significant increase of up to 256%, possibly reaching approximately $2 in the near future.
Based on positive market assumptions, an anonymous expert named Clifton Fx anticipates a significant increase in the price of FTM, potentially soaring by up to 400-500% from its current value. This prediction is backed by robust technical indicators.
The specialist pointed out that the rally might take place within the next few weeks, potentially driving FTM up to around $4.16. This optimism stems from the fact that the altcoin has surpassed a multi-year descending trendline, which had previously served as resistance for almost four years.
The bullish forecasts correspond with an increase in trader action and investment on the blockchain, suggesting that the crypto market is picking up speed again following a dip over the holiday period. The recent rise of Bitcoin above $100,000 has sparked renewed enthusiasm among investors, paving the way for altcoins such as Fantom to potentially follow in its footsteps.
Based on IntoTheBlock’s data, the flow of assets held by large investors (whales) significantly increased by approximately 540% from $1.74 million on January 5 to over $11.1 million on January 6. This significant increase in whale accumulation often serves as a strong indication of a bullish trend for retail investors.
Over the last six days, data from Santiment indicates a positive shift in the overall sentiment towards the altcoin. Initially, the weighted social sentiment was -1.64 at the start of January, but it has now risen to -0.0427 as we speak. This upward trend implies that traders are growing more optimistic about the project’s future prospects.
FTM will transition to S
A positive perspective on FTM emerges prior to the rebranding of Fantom Opera Network into Sonic Chain, a fresh layer-1 blockchain engineered for swifter transaction speeds.
Additionally, Sonic Labs plans to debut its indigenous S token. This token will serve multiple purposes such as facilitating transaction fees, staking, validation, and governance. Present FTM holders can exchange their tokens for an equivalent amount of S tokens when the blockchain becomes operational.
Binance, the global leader in crypto exchanges, has announced its readiness to rebrand and exchange FTM (Fantom) tokens for Sonic tokens. As of January 13, 2025, Binance will no longer facilitate trading with FTM, nor will it process deposits or withdrawals related to FTM.
Similarly, digital asset trading platforms like Crypto.com and Bybit are also implementing comparable FTM token exchange strategies.
As a researcher, I’ve been observing the recent buzz within the community surrounding FTM, but so far, its price hasn’t shown significant shifts this season. In fact, over the past month, it has dipped approximately 40%. However, based on technical analysis, there are signs pointing towards a potential shift from the current bearish trend, indicating a possible reversal in the near future.
On the 1-day FTM/USDT chart, the Moving Average Convergence Divergence (MACD) indicator indicates that the MACD line (which is currently blue) is nearly set to cross above the signal line (orange). This crossover could signify a bullish reversal, implying that the bulls are regaining momentum.
The 26.8 Average Directional Line indicates a strong possibility of the altcoin experiencing a trend reversal, possibly leading to an upward surge. Initially, the resistance level of $1 might act as a barrier, but surpassing it could trigger further price increases, with the eventual goal being to reach last year’s maximum of $1.44.
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2025-01-07 14:26