Fantom’s FTM token recently experienced a significant surge, rising by over 21% to an eight-month high of $1.13. This increase led to a subsequent jump in its market capitalization, which reached over $3 billion, making it the 53rd largest cryptocurrency by market capitalization.

Why is Fantom Rising?

Fantom’s recent rally was fueled by the excitement surrounding the upcoming launch of its Sonic mainnet. Ecosystem developments and increased demand from investors also contributed to the surge. The Sonic upgrade aims to boost Fantom’s position in the DeFi industry. However, the total value locked in the ecosystem has dropped to $312.39 million from a record high of over $15 billion.

Ecosystem Developments and Partnerships

Sonic Labs recently announced a collaboration with web3 financial data platform OctavFi to bring advanced on-chain treasury management and financial reporting to Sonic protocols. This partnership aims to enhance the functionality of the Sonic mainnet and attract more users to the platform.

Whale Investment and Market Trends

There has been an uptick in buying activity among whales over the past day, with whale holder netflow surging by over 1235%. This increase in demand has contributed to the recent price surge. Analysts expect the rally to continue if Fantom manages to breach a key resistance level.

Resistance Levels and Price Predictions

Analysts have identified $1.13 as a critical resistance level for Fantom. If the altcoin manages to breach this level, it could potentially climb to $1.62, with further targets at $2.20 and $2.77. However, the Relative Strength Index (RSI) suggests the price could pull back in the short term.

Key Takeaways

Key Points to Consider:

  • Fantom’s FTM token has risen by over 21% to an eight-month high of $1.13.
  • The Sonic mainnet launch and ecosystem developments have contributed to the surge.
  • Whale investment has increased, with whale holder netflow surging by over 1235%.
  • Analysts expect the rally to continue if Fantom breaches the key resistance level of $1.13.

Tips for Investors:

  • Keep an eye on the key resistance level of $1.13 and the support zone of $1.00-$1.02.
  • Monitor the RSI and MACD indicators for signs of overbought conditions and potential pullbacks.
  • Consider the long-term potential of Fantom’s Sonic mainnet and its impact on the DeFi industry.

For more news and updates on the cryptocurrency market, visit Global Crypto News.

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