Fantom (FTM) Jumps 180% In 4 Weeks: Simply The Starting?


Over the previous 24 hours, Fantom (FTM) has emerged because the standout performer among the many high 100 cryptocurrencies by market capitalization, registering a exceptional 13.5% acquire. This surge is a part of a broader rally that has seen the FTM worth soar by 180% over the past 4 weeks, propelling it from $0.42 to $1.20. This upward trajectory has considerably boosted Fantom’s market capitalization to $3.3 billion, positioning it because the forty first largest digital asset worldwide. Right here’s why this may be just the start:

#1 Sonic Improve: The Catalyst for Fantom’s Rally

The anticipated Sonic improve is central to Fantom’s current success. Designed to reinforce the Fantom know-how stack, Sonic introduces main scalability enhancements with out necessitating a disruptive exhausting fork. Key elements of the Sonic improve embrace:

  • Fantom Digital Machine (FVM): Goals to considerably enhance transaction throughput.
  • Carmen Database: Guarantees to cut back storage necessities by as much as 90%.
  • Optimized Lachesis Consensus: Improves upon the prevailing consensus mechanism for enhanced efficiency.

With these enhancements, Fantom targets a throughput of over 2,000 transactions per second (TPS), marking a considerable leap in scalability. Importantly, the improve ensures that current Fantom Opera good contracts and instruments stay absolutely appropriate with the Sonic mainnet, which is scheduled to launch in Spring 2024.

Current testnets have demonstrated Sonic’s potential. The closed testnet, centered on ERC-20 swaps, achieved a powerful ~4,000 TPS with ~1.3-second finality. Moreover, a reconfiguration to course of solely ERC-20 transfers led to a groundbreaking ~10,000 TPS at ~1.6-second finality, showcasing the capabilities of next-generation decentralized exchanges (DEXs) and wallets.

Reflecting on Sonic’s affect, Reflexivity Analysis highlighted, “Fantom Sonic unlocks new potentialities for the Fantom ecosystem, notably in decentralized finance (DeFi) platforms, blockchain video games, high-frequency functions, and the Web of Issues (IoT).”

The analysis agency added that one other cornerstone for Fantom is its exemplary 99.9% uptime. “Fantom’s novel options place it as a frontrunner within the growth of decentralized networks,” Reflexivity Analysis said.

#2 Andre Cronje: The Innovator’s Promise

Andre Cronje, the founding father of Fantom and one of many brightest minds within the crypto business, has been instrumental in driving innovation inside the ecosystem. Cronje not too long ago underscored his dedication to advancing the crypto house, stating, “The number one dex on Base, and the #1 dex on Optimism are each constructed with code I wrote and pioneered. Persist with the place the innovators are, put up Sonic I might be including some new primitives to crypto.”

#3 Coinbase Announcement: A New Milestone

One other issue driving right this moment’s worth rally might be right this moment’s Coinbase Worldwide announcement that it’ll launch Fantom perpetual futures on Coinbase Worldwide Trade and Coinbase Superior, set to begin on or after 9:30am UTC on March 28, 2024. This transfer by Coinbase is predicted to additional improve Fantom’s liquidity and accessibility, contributing to its rising attraction amongst traders.

#4 Technical Evaluation: FTM/USD

The bullish momentum of Fantom worth is obvious within the weekly FTM/USD chart on Binance, signified by the most recent candlestick closure above the important thing exponential transferring averages (EMAs) of 20, 50, 100, and 200 intervals. This week’s candlestick represents a notable enhance of roughly 50% from the intra-week low.

Fantom’s ascent has propelled its worth past the 0.382 Fibonacci retracement degree, located at $0.9176. This bullish breakout suggests the market could goal subsequent Fibonacci ranges, with $1.38 (0.382 Fib) performing as an intermediate psychological and technical resistance, adopted by $1.76 (05 Fib), and doubtlessly extending in direction of the golden ratio at $2.13, which corresponds with the 0.618 Fibonacci degree.

On the flip aspect of this bullish situation, ought to a correction happen throughout the broader crypto market, quick help for FTM could be anticipated on the $0.92 degree. Stability at or above this threshold might reaffirm bullish market management. Conversely, a downward breach might intensify promoting strain, probably resulting in a retest of help across the $0.56 mark.

Fantom FTM price
FTM worth, 1-week chart | Supply: FTMUSD on

Featured picture from Kraken Weblog, chart from

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