Fantom’s transition to Sonic Labs is showing promising signs for token holders. This week, the FTM price pumped of over 20%, which appears to be closely linked to the ongoing developments surrounding Sonic Labs.
What you'll learn 👉
Partnerships and Ecosystem Expansion
Sonic Labs is making notable strides in building its ecosystem. The team recently announced an exciting collaboration between SellekArt and Froyd_Art for the Shards NFT artwork. A wallet snapshot is scheduled for December 1st, which will determine the whitelist for an exclusive NFT that carries points for a substantial ~$200 million $S airdrop.
The project has also deepened its partnership with Rabby_io, marking a milestone as the first integration in Rabby’s Ecosystem tab. This integration will offer users the ability to track airdrop points, with forthcoming features including $FTM migration and $S staking.
Technical Analysis by Crypto Analyst Pruden
Renowned crypto analyst Pruden provided an in-depth analysis of Fantom’s price movements on the weekly chart, offering insights into the token’s recent performance and potential future trajectory.
The analysis highlights Fantom’s remarkable price history, including a significant rally that reached its all-time high in late 2021 or early 2022, followed by a sharp correction and prolonged downtrend. Recently, the cryptocurrency has shown signs of recovery, consolidating around the $0.26 support level before initiating a notable uptrend.
Pruden’s analysis identifies several critical price levels. The breakout above the $1.229 resistance is particularly significant, suggesting a potential shift from a bearish to a bullish market sentiment. The next potential resistance levels are marked at $2.081 and $3.689 – the latter representing the previous all-time high.
The chart indicates a transition from a downtrend to an uptrend, with the breakout above $1.229 signaling strong bullish momentum. While volume data was not explicitly detailed, the price action suggests increasing buying pressure.
Pruden’s tweet analysis further reinforces the optimistic outlook, hinting at a potential short-term price target of $2 and suggesting the possibility of a parabolic rally that could challenge the previous all-time high.
Read also: Analyst Calls Kaspa a ‘Better Bitcoin’ – Here’s Why KAS Is Groundbreaking
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