Crypto analysts are buzzing with excitement over the potential surge of Fantom (FTM), predicting a possible 250% rally as the network undergoes its anticipated Sonic upgrade. This upgrade aims to transition Fantom into a more efficient and scalable architecture, which promises to enhance transaction speeds and cut down costs significantly.
Renowned analyst CryptoBoss, boasting over 189,000 followers on X, has reported that FTM recently broke free from a falling wedge pattern—a bullish reversal signal on the 4-hour FTM/USDT chart. Based on this breakout, the analyst forecasts that FTM could soar by 256%, potentially reaching around $2 in the near term.
Adding to this optimistic outlook is pseudonymous analyst Clifton Fx, who anticipates an even greater rally. He speculates a staggering 400-500% rise based on solid technical indicators, possibly bringing FTM up to $4.16. Clifton notes that this significant upward movement could occur in the coming weeks, especially as FTM has surpassed a long-term descending trendline that had acted as a barrier for nearly four years.
This surge in optimism for Fantom aligns with revitalized on-chain metrics reflecting increased trader activity and investment as the crypto market shakes off a holiday lull. Notably, Bitcoin’s resurgence above $100,000 has rekindled positivity in the market, paving the way for altcoins like Fantom to follow suit.
Observations from IntoTheBlock indicate that the net flow of FTM whale holders surged by 540%, climbing from an inflow of $1.74 million to over $11.1 million in just a day. Such a spike in whale accumulation is generally perceived as a robust bullish signal encouraging retail investors to engage.
On the social sentiment front, Santiment reports a notable increase in the weighted social sentiment of FTM, moving from -1.64 at the start of January to -0.0427 at the latest update. This growing positivity reflects an overall uplift in community morale regarding Fantom.
As Fantom prepares for its transformation to the Sonic Chain, a new layer-1 blockchain built for speed, holders will be able to swap their FTM tokens for S tokens at a 1:1 ratio after the upgrade. This S token will serve various functions such as transaction fees, staking, validation, and governance.
Support is building among major exchanges, with Binance, the largest crypto exchange globally, confirming its backing for the rebranding and FTM-to-Sonic token swap. By January 13, 2025, Binance plans to delist all FTM trading pairs, so users need to be aware of this timeline. Other exchanges like Crypto.com and Bybit are following suit with similar swapping plans.
While excitement brews within the community, the price of FTM has not yet reflected this enthusiasm, with a decline exceeding 40% over the last month. However, technical indicators suggest a potential reversal may be on the horizon. The MACD shows promising signs, with its line, depicted in blue, poised to cross above the signal line, painted in orange. This could indicate that bullish momentum is building. Additionally, the Average Directional Index (ADX) at 26.8 suggests a heightened likelihood of a trend reversal, making a rally plausible, with the first target set at the psychological resistance of $1. A successful breakout could lead FTM to revisit last year’s peak of $1.44.
As the crypto community eagerly watches these developments unfold, many are hopeful for Fantom’s exciting future ahead. Whether you’re a seasoned investor or just curious about the crypto space, keeping an eye on FTM might be worthwhile—who knows, it may just be ready to take flight!
