Phantom (FTM) FTM is enjoying a huge bullish momentum at the moment, and the odds of the coin going all the way to $2 have increased. FTM price recovery is due to Fantom Fundamentalswhich has sparked positive sentiment among investors.
What is driving the FTM price recovery?
Fantom’s price recovery is mainly due to its bullish fundamentals, especially the impending launch of the Sonic Network. In a recent blog post, Sonic Labs Announced that Sonic is scheduled for release in November/December 2024. Investors believe The transition from Fantom to Sonic bullish, which explains why they are investing in the FTM ecosystem ahead of launch.
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According to the announcement, Sonic Layer 1 Network It will be EVM compatible, allowing decentralized applications (dApps) built on other EVM chains to be easily integrated into the network. The network will provide a secure gateway to Ethereum across its layer 2 network.
The publication also claimed that Sonic will provide the “fastest settlement layer for digital assets with over 10,000 TPS and one-second confirmation times for transactions” upon launch. This feat will set a new standard in the blockchain space and put Sonic ahead of its competitors.
Meanwhile, following the launch of Sonic, there will be an airdrop, which will cause more liquidity to flow into the Fantom ecosystem and further stimulate the recovery of the FTM price. The Sonic Foundation will airdrop 190 million S tokens from its 500 million treasury to Fantom Users.
It is worth mentioning that FTM holders will be able to redeem their coins 1:1 for the S token, Sonic’s native token, following the launch of the new layer-1 network. Meanwhile, the S token will not experience any inflation in the first six months, which is positive as investors can rest assured that there will be no supply shock following the transition from Fantom to Sonic.
Other bullish fundamentals driving the FTM price rally include the fact that Sonic Labs co-founder Andre Cronje will be building new decentralized finance (DeFi) primitives, with 90% of the gas spent said to go to applications and developers.
The charts also support Fantom’s bullish fundamentals.
Cryptocurrency analyst Jagoilio Recently Featured how the charts support FTM price recovery, with the coin likely to rise further. He stated that Fantom has surpassed its downtrend and is now looking to break its diagonal resistance. He added that this presents the notion that the cryptocurrency is imposing a bullish market structure and looking for a higher high.
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Analyst expects Fantom to enjoy a massive price rally in the fourth quarter, especially after Fed rate cuts and the US presidential election. Jagoilio went so far as to say that FTM can Outperforming Bitcoin and EthereumHe also stated that Sonic will become the ultimate layer 1 solution and surpass Solana.
According to data from CoinMarketCap, FTM is trading at around $0.57 at the time of writing, up over 9% in the past 24 hours..
Featured image created with Dall.E, chart from Tradingview.com
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