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Fantom is a highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications.
Sonic Mainnet Launch
Fantom is set to launch its Sonic mainnet in December 2024, marking a major upgrade to improve the network's performance. The Sonic upgrade will boost transaction speed, allowing over 2,000 transactions per second (TPS), up from the current 30 TPS, thanks to the new Fantom Virtual Machine (FVM). It will also reduce transaction wait times to about one second, enhancing user experience. Storage needs for running nodes will decrease by about 90%, making it cheaper for validators. Additionally, there will be incentives for developers, including gas rebates and a native stablecoin. Sonic will remain compatible with Ethereum, making it easier for developers to switch. Following the announcement, Fantom's price has surged by around 68%, attracting interest from both retail and institutional investors.
Whale Activity Surge
Last week, Fantom (FTM) saw a huge increase in whale activity, hitting a one-year high. Transactions above $100,000 jumped by 1,056%, rising from about $4.38 million to $50.78 million, showing more interest from big investors. Overall, large transaction volumes increased from 3 million to 201 million, indicating that major holders are gaining confidence in Fantom’s future price growth.
FTM Price Analysis
FTMUSD holds above $1 after a minor consolidation. Any close above $1.25 confirms further bullishness. FTMUSD surged more than 75% in the past one week. The pair holds well above the short-term (34 and 55 EMA) and long-term moving average. It hit a high of $1.13 and is currently trading around $1.080. The bullish invalidation can happen if the pair closes below $0.50. On the lower side, the near-term support is $0.80. Any break below targets 0.60/0.60/0.50/0.35/0.35/0.25/$0.20.
Resistance and Support Levels
The immediate resistance stands at around $1.25. Any close above confirms a minor pullback. A jump to $1.82/$2 is possible. A surge past $2 will take FTM to $2.40/$3. It is good to buy on dips around $1 SL around $0.70 for TP of $3.
