Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Fantom (FTM) is enjoying much bullish momentum at the moment, and the odds of the coin rising to as high as $2 has increased. The FTM price recovery is thanks to Fantom\u2019s fundamentals, which have sparked a positive sentiment among investors.\u00a0 What Is Driving The FTM Price Recovery Fantom\u2019s price recovery is mainly driven by its bullish fundamentals, especially the imminent launch of the Sonic network. In a recent blog post, Sonic Labs announced that Sonic\u2019s launch is scheduled for November\/December 2024. Investors consider Fantom\u2019s transition to Sonic bullish, which explains why they are investing in the FTM ecosystem ahead of the launch.\u00a0 Related Reading: Cardano (ADA) Enters Stage 3 That Will Trigger 4,500% Rally To $15 According to the announcement, the layer-1 network Sonic will be EVM-compatible, enabling decentralized applications (dApps) built on other EVM chains to be integrated into the network easily. The network will provide a secure gateway to Ethereum through its layer-2 network.\u00a0 The post also claimed that Sonic will provide the \u201cfastest settlement layer for digital assets with over 10,000 TPS and one-second confirmation times for transactions ” upon launch. This feat will set a new standard in the blockchain space and put Sonic ahead of its competitors.\u00a0 Meanwhile, following Sonic\u2019s launch, there will be an airdrop, which will cause more liquidity to flow into the Fantom ecosystem and further spark the FTM price recovery. The Sonic Foundation will airdrop 190 million S tokens out of its 500 million treasury to Fantom users.\u00a0 It is worth mentioning that FTM holders can swap their coins 1:1 for the S token, Sonic\u2019s native token, upon the launch of the new layer-1 network. Meanwhile, the S token will not experience any inflation in the first six months, which is positive since investors can rest assured that there won\u2019t be a supply shock following Fantom\u2019s transition to Sonic.\u00a0 Other bullish fundamentals sparking the FTM price recovery include the fact that Andre Cronje, Sonic Labs\u2019s co-founder, will build new decentralized finance (DeFi) primitives, with 90% of gas spent said to be going back to applications and developers.\u00a0 The Charts Also Support Fantom\u2019s Bullish Fundamentals Crypto analyst Jagoilio recently highlighted how the charts support the FTM price recovery, with the coin likely to rise higher. He stated that Fantom has moved past its bearish trend and is now looking to break its diagonal resistance. He added that this presents the notion that the crypto is enforcing a bullish market structure and seeking a higher high. Related Reading: Analyst Identifies $0.75 As Most Crucial Target For XRP Price In The Campaign For $1 The analyst expects Fantom to enjoy a massive price rally in the fourth quarter, especially following the Fed rate cuts and the US presidential elections. Jagoilio went as far as asserting that FTM can outperform Bitcoin and Ethereum. He also claimed that Sonic will become the supreme layer-1 solution and outperform Solana.\u00a0 According to data from CoinMarketCap, FTM is trading at around $0.57 at the time of writing, up over 9% in the last 24 hours.\u00a0\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":642749,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92002],"tags":[167,6664,26263,14690,9376,92004,89676,43491,92005,86580,87826,85756],"class_list":["post-642747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fantom-news","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-fantom","tag-fantom-news","tag-fantom-price","tag-ftm","tag-ftm-news","tag-ftm-price","tag-ftmusd","tag-ftmusdt"],"acf":[],"yoast_head":"\n
Fantom To $2: Here\u2019s What\u2019s Driving The FTM Price Recovery<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n