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Fantom's Evolution: The Launch of Sonic Mainnet
Fantom is a highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications. On December 18, 2024, Sonic Labs launched the Sonic mainnet, improving from the old Fantom platform. Sonic is compatible with Ethereum, allowing easy app transfers and can handle up to 10,000 transactions per second. Developers can earn up to 90% of fees from their apps, encouraging them to create more. Users can upgrade their old FTM tokens to new S tokens during the first 90 days after launch. This launch aims to attract more users and developers, making Sonic Labs a stronger player in the blockchain world.
Whale Activity Signals Growing Confidence in FTM
Recently, big investors, or whales, have been buying a lot of Fantom (FTM) tokens, showing strong support for the coin. On December 7, a whale spent about $2 million to buy 1.47 million FTM tokens, part of a larger investment strategy. Overall, whales' holdings have increased, signaling confidence in potential price rises due to Fantom's upcoming Sonic upgrade. Additionally, many tokens are being moved off exchanges into cold storage, reducing selling pressure. This increased whale activity suggests a positive outlook for FTM's future.
Market Analysis: FTM Price Movements and Predictions
FTMUSD lost more than 45% after a multi-year high of $1.4500. Any close above $1.50 confirms further bullishness. The pair holds below the short-term (34 and 55 EMA) and long-term moving averages. It hit a low of $0.7682 and is currently trading around $0.7957. The bullish invalidation can happen if the pair closes below $0.50. On the lower side, the near-term support is $0.75. Any break below targets 0.60/0.60/0.50.
Trading Strategy: Optimal Moves for Investors
The immediate resistance stands at around $1. Any close above confirms a minor pullback. A jump to $1.25/$1.45/$1.82/2 is possible. A surge past $2 will take FTM to $2.40/$3. It is good to buy on dips around $0.75 SL around $0.50 for TP of $2.
