Sonic

Fantom

The bullish sentiment around Fantom has significantly increased as investors expect the Sonic upgrade. 
Fantom (<a href="https://crypto.news/price/fantom/" target="_blank">FTM</a>) recorded an 11% surge in the past 24 hours and is trading at $0.56 at the time of writing. The asset’s market cap surpassed the $1.5 billion mark, making it the 48th-largest cryptocurrency. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/09/Fantom-FTM-13.13.59-17-Sep-2024.png" alt="Investors bullish on Fantom ahead of Sonic upgrade - 19" class="wp-image-14298232">
 <figcaption class="wp-element-caption">
 FTM price, whale activity, RSI and social sentiment – Sept. 17 | Source: <a href="https://app.santiment.net/charts/HthNu6zm__sCl" target="_blank" rel="nofollow">Santiment</a>
 </figcaption>
</figure> 
Moreover, FTM’s daily trading volume increased by 26%, reaching $270 million. 
The FTM price surge comes as investors show positive sentiment toward the platform’s upgrade to Sonic Labs.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/donald-trumps-wlfi-token-to-be-limited-to-accredited-investors/"> Donald Trump’s WLFI token to be limited to accredited investors </a> 
According to its blog <a href="https://blog.soniclabs.com/from-fantom-to-sonic-what-you-need-to-know/" target="_blank" rel="nofollow">post</a>, the transition was first announced on Aug. 1 and the Sonic testnet <a href="https://crypto.news/fantom-price-sell-off-continues-as-sonic-testnet-goes-live/" target="_blank">went live</a> on Sept. 6. The new layer-1 network is said to be more scalable with a gateway to the Ethereum blockchain. 
The S token is also scheduled to come out this year with a 1:1 ratio with the FTM token, per the announcement. 
According to data provided by Santiment, the weighted sentiment around <a href="https://crypto.news/fantom-secures-2-18m-in-compensation-from-multichain-foundation/" target="_blank">Fantom</a> surged to levels not seen since March 2023, when the asset’s price rose from $0.31 to $0.52.&nbsp; 
Meanwhile, the number of whale transactions consisting of at least $100,000 worth of FTM also climbed from 5 to 17 unique transactions per day since Sept. 14, per data from Santiment. 
Higher whale activity usually boosts an asset’s price volatility. This could bring increased liquidations, leading to a price correction. 
Data from the market intelligence platform shows that the FTM Relative Strength Index is currently sitting at 63, indicating that the asset is slightly overbought at this price point.&nbsp; 
If the RSI surpasses the 75 mark, a price correction would be expected for FTM as the broader cryptocurrency market is witnessing increased volatility ahead of the U.S. Fed <a href="https://crypto.news/crypto-investment-products-see-436m-inflows-as-rate-cut-speculation-grows/" target="_blank">rate-cut</a> decision.&nbsp; 
 Read more: <a rel="" href="https://crypto.news/gold-looks-more-attractive-than-bitcoin-in-hard-times/"> Gold looks more attractive than Bitcoin in hard times </a>

Investors bullish on Fantom ahead of Sonic upgrade

crypto.news

Other articles published on Sep 17, 2024

BREAKING: Coinbase Adds New Altcoin to Listing Roadmap!

Understanding Web3: Empowering User Ownership and Privacy 🔐

Ethereum Faces Pressure in Futures Market

Singapore’s DBS to Launch Crypto Options Trading for Institutional Investors in Q4 2024

TON Foundation and Curve Finance Collaborate on New Stable Swap Project

USDT on TON chain surpasses $1 billion: Token Terminal

Join our free newsletter for daily crypto updates!