Price Action and Fundamentals Reveal Fantom (FTM) Is ‘Mega Bullish’: Analyst Reveals FTM Target for This Bull Run
The crypto markets have shown mixed signals of late, but one digital asset appears to be gearing up for a meteoric rise, according to analysts analyst. Fantom (FTM), a Layer 1 blockchain platform, is being described as “mega bullish” by crypto commentator Aqua, who operates under the X handle @PayneResidence.
In a tweet, Aqua revealed that Fantom is rebranding to Sonic, a new Layer 1 blockchain that will feature lightning-fast transaction speeds surpassing even Solana. The upgraded network promises over 2,000 transactions per second with near-instant finality. Additionally, it will introduce compatibility with Ethereum through a Layer 2 bridge.
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Show more +“Fantom will be rebranded to Sonic,” Aqua stated. “Sonic is the new L1 blockchain from the Fantom Foundation with an L2 bridge to Ethereum which will have higher speed than $SOL (super high speed), better finality, and storage.“
Notably, Aqua has set an ambitious bull run target for the soon-to-be-renamed token, projecting a price range of $5 to $10 per FTM (which will likely take on a new ticker symbol, possibly $S).
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AltFINS’s Fantom Price Prediction
Bolstering the bullish narrative is a technical analysis from AltFINS, which suggests that Fantom’s price action and fundamentals are aligning for a significant upswing. According to AltFINS, FTM’s trends are mixed in the medium term but remain in an uptrend over the short and long term.
Source: altFINS – Start using it today
“Price has remained above the 200-day moving average, which indicates a long-term uptrend,” AltFINS stated. “A bullish break above $0.80 signals the resumption of the uptrend, with a +25% upside back to $1.00.”
The analysis firm recommends setting a stop-loss at $0.70 and identifies key support zones at $0.55-$0.57 and $0.40, with resistance at $0.80, $1.00, and $1.25.
Further Fundamental Insight
Further insights into the Fantom rebrand come from DeFi analyst Minty (@DeFiMinty), who notes that the Fantom Foundation plans to allocate a nine-figure sum of FTM tokens to boost the Sonic ecosystem. This move is expected to provide ample opportunities for early adopters.
With the project’s focus on speed, scalability, and Ethereum compatibility, the transition to Sonic could position Fantom as a formidable force in the blockchain landscape. As the crypto community eagerly awaits more details, the bullish sentiment surrounding FTM appears to be intensifying.
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