Binance has announced significant changes for Fantom (FTM), preparing for a swap and rebranding to Sonic (S). As the largest cryptocurrency exchange, Binance’s updates are always closely watched and can stir emotions among investors. Uncertainty is part of the crypto ride, and FTM is currently in the spotlight.
What’s happening to FTM? A report from Binance states that the rebranding will take place in early January 2025, and to facilitate this, the exchange will suspend deposits and withdrawals of FTM tokens while delisting all trading pairs related to FTM. This halt will kick off on January 13, 2025, at 3:30 UTC. The intriguing twist? All FTM tokens will be converted to S at a 1:1 ratio, so 1 FTM equals 1 S.
Following the swap, Binance will launch trading for pairs like S/BTC, S/ETH, and more on January 16, 2025, starting at 8:00 UTC.
Current market conditions have investors on edge. At the moment, FTM trades near $1, with a 0.35% dip in the last 24 hours. However, trading volume has surged by 37%, indicative of rising interest as traders react to the news.
From a technical standpoint, analysts have pointed out that FTM sits at a key support level of $0.95. If it can hold this level, there’s a solid chance of a 40% increase to reach the next resistance level at $1.43. However, failing to maintain this support might lead to a decline of about 30%, dropping down to $0.64.
On a different note, FTM’s on-chain metrics paint a somewhat optimistic picture. Despite the news, interest from traders appears neutral, according to Coinglass. Interestingly, there was a hefty outflow of $9.5 million worth of FTM tokens recently, showing that long-term holders are pulling their investments off exchanges to keep them in personal wallets. This could signify potential bullish momentum—a good time for those considering new positions.
Adding to this positive sentiment, FTM’s Open Interest (OI) has jumped by 14%, hinting at a flurry of new positions and increased trader engagement.
So, should you sell your FTM now or bide your time? The potential for an upswing remains strong, especially if the support levels hold steady. With mounting interest from traders and promising technical indicators, many may find it worthwhile to hold on a little longer before making any decisions. Ultimately, staying informed and considering both market trends and personal goals will guide your next move in this captivating narrative shaped by Binance and Fantom.
