Lưu trữ cho từ khóa: fantom

Phân tích

Investors bullish on Fantom ahead of Sonic upgrade

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Investors bullish on Fantom ahead of Sonic upgrade

The bullish sentiment around Fantom has significantly increased as investors expect the Sonic upgrade.

Fantom (FTM) 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.

FTM price, whale activity, RSI and social sentiment – Sept. 17 | Source: Santiment

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. 

According to its blog post, the transition was first announced on Aug. 1 and the Sonic testnet went live 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 Fantom surged to levels not seen since March 2023, when the asset’s price rose from $0.31 to $0.52. 

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. 

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 rate-cut decision. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

FTM jumps 12% as Sonic Labs targets $11T lending market with new blockchain feature

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Fantom’s native token, FTM, has surged by over 12% in the last day, driven by a strategic update from Sonic Labs.

The surge has spotlighted Fantom (FTM) as the top-performing cryptocurrency among the top 100 digital assets by market value and elevated its price from $0.43 to $0.48.

This is the highest the token has been since Aug. 27, with its market capitalization leaping to $1.36 billion, positioning it as the 59th largest digital asset globally, according to CoinGecko data.

One of the main catalysts behind FTM’s recent rally was a Sep. 9 blog post by Andre Cronje, CTO of Sonic Labs, announcing plans for the Sonic blockchain to introduce credit scores for digital wallets. The initiative aims to penetrate the global unsecured lending market, valued at over $11 trillion.

Another potential driver of FTM’s price is Sonic’s newly released testnet, which achieved transaction finality in a mere 720 milliseconds, marking a significant milestone. In the blockchain context, finality means that once a transaction is confirmed and recorded on the blockchain, it cannot be altered or reversed.

The renewed optimism resulted in a doubling of trading volume within 24 hours, further fueling bullish momentum for FTM.

According to data from Coinglass FTM’s daily open interest surged by 33% to $162.46 million when writing. This coupled with a spike in trading volume, suggests a spike in investor activity, potentially adding fuel to FTM’s ongoing rally.

Looking at FTM’s price activity, the token is approaching $0.4825 on the daily chart, nudging the upper Bollinger Band. The Relative Strength Index at 60 indicates a bullish trend with room for further growth before possibly hitting the overbought zone.

FTM price, Bollinger Bands, and RSI chart – Sep. 10 | Source: crypto.news

Following a steady rise above the middle band at $0.4381, the recent spike in trading volume suggests a strong market interest, suggesting upward potential.

For traders and investors monitoring FTM, the immediate resistance to watch is the upper Bollinger Band at $0.5296. A sustained break above this level could open the way for further gains, potentially aiming for a higher resistance level at $0.60. If FTM continues on this trajectory, it has the potential to double its current value and approach the $1 milestone.

Major liquidation levels

Currently, the critical liquidation thresholds for FTM stand at approximately $0.471 on the lower side and $0.503 on the higher side, with a high level of leverage observed among intraday traders at these prices, according to Coinglass.

Source: CoinGlass

Should market dynamics shift and the price of FTM fall to $0.471, it could trigger the liquidation of nearly $2.9 million in long positions. Conversely, if the market sentiment turns positive and the price rises to $0.503, around $2.02 million in short positions could be liquidated.

At press time, data indicated that bears were in control, with the potential to trigger liquidations of long positions at lower levels.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Fantom price sell-off continues as Sonic testnet goes live

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Fantom token continued its downward trend on Friday, Sept. 6, after the Sonic testnet went live and its transactions rose.

Fantom (FTM) price was trading at $0.387, its lowest swing since Aug. 20 and 27% below its highest point in August. In a statement on X, Sonic Labs noted that the testnet was live, a process expected to last for a few months.

Data on the testnet website shows that the network had processed over 106 million transactions. It is handling about 11 transactions per second, with the average gas per second being around 335,000.

The time to finality — the time between when a transaction is submitted to a node and when it is confirmed — was just 0.70 seconds. These statistics make Sonic one of the fastest Ethereum Virtual Machines in the industry.

The developers hope this upgrade will attract more creators to build on the ecosystem. In line with this, they have launched a $27 million bounty program to support developers in areas like payments, lending, stablecoins, and gaming.

After the testnet phase ends, Fantom’s FTM token will transition to S. This upgrade comes at a time when Fantom has lost momentum and market share in the crypto industry. Its market cap has fallen from over $7 billion to $1 billion.

Data from DeFi Llama shows that the total value locked in the ecosystem has dropped to $70 million from a record high of over $7.8 billion. Some of the biggest players in its ecosystem are Beethoven X, WigoSwap, SpookySwap, and Beefy. 

Fantom also has a small market share in the decentralized exchange industry. Its DEX platforms handled over $57.9 million in the last seven days, making it the 26th-largest chain in the industry.

Sonic’s biggest challenge will be the competition in the industry. In addition to other top chains like Tron (TRX) and Solana (SOL), it will compete with layer-2 networks like Arbitrum and Base.

Fantom price under pressure

Fantom price | chart by TradingView

The FTM token price has crashed in the past few months. It peaked at $1.2267 in March and has dropped by over 68% to $0.40. It has remained below the 50-day moving average and the upper side of the descending channel. 

Therefore, the path of least resistance for Fantom is downward, with the next point to watch being $0.30, 21% below Friday’s level.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Công nghệ

Sonic Labs announces bounty program with developer incentives

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Sonic Labs, formerly known as Fantom, has announced a bounty program aimed at incentivizing developer activity ahead of the Sonic network launch.

The Sonic Boom and Sonic Gems bounty program seeks to support the first wave of applications on the Sonic platform, according to a press release. The initiative targets key blockchain verticals, including exchanges, payments, tooling, stablecoins, gaming, and lending, among others.

Fantom (FTM) will transition to Sonic (S) later this year.

Boosted rewards for users

Sonic Gems are points that will allow holders to earn a share of the new Sonic token. Developers will receive Gems, which will then be distributed to users.

The bounty program will run for nearly 13 weeks, concluding on Nov. 4. During this period, up to 30 projects will receive Gems as part of a 190.5 million S airdrop, accounting for 37.5% of the allocation. Users have the opportunity to access a variety of applications and benefit from boosted rewards.

The total reward is approximately $28 million, Sonic Labs noted in a post on X.

We’re adamant about providing our ecosystem of developers with the rewards they deserve, both in the short and long term, and we’re thrilled to roll out Sonic Boom to accomplish just that. I can’t wait to see our builder’s creative solutions as we prepare for Sonic’s mainnet launch later this year.

Michael Kong, chief executive officer of Sonic Labs.

Sonic’s upcoming mainnet follows the Fantom Foundation’s launch of the Sonic upgrade, which aims to offer a layer-1 network with high throughput. Sonic is capable of processing over 10,000 transactions per second, a significant increase from the 2000 TPS possible with the Fantom Opera network.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

FTM leads crypto rally with 17% surge, eyes further gains

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Fantom experienced a 17% increase in value, positioning it as the leading performer in the cryptocurrency market.

Fantom (FTM), a blockchain platform optimized for decentralized finance applications, soared 17% in value on the morning of Aug. 22, exchanging hands at $0.461 per price data from crypto.news. The crypto asset’s daily trading volume jumped more than double from the past day, hovering around $284 million, while its market cap stood at $1.29 billion, ranking it 62nd among the top largest cryptocurrencies.

FTM 24-hour price chart– Aug. 22 | Source: crypto.news

The token’s price has jumped by 67% since its drop to $0.276 on Aug. 5, when the crypto and stock markets crashed, leading to over $1 billion in liquidations. Despite the latest price surge, FTM is still down 86.6% from its all-time high of $3.46 recorded in October 2021.

Fantom‘s current price at $0.4621 positions it above the upper Bollinger Band at $0.4520, signaling a potential breakout from typical volatility levels. This position above both the middle band at $0.3655 and the upper band suggests an unusual upward momentum in the market, indicative of a strong bullish sentiment.

FTM Bollinger Band and RSI – Aug. 22 | Source: crypto.news

Given that FTM price exceeds the upper Bollinger Band, there could be concerns about the asset becoming overbought, but the Relative Strength Index at 61.93, while elevated, still does not firmly categorize the asset as overbought, which would typically be indicated by an RSI over 70. This suggests that while the buying momentum is strong, there may still be room for upward movement before the asset enters potentially overbought territory.

The scenario reflects a market that has possibly reacted to positive stimuli, propelling the price above usual resistance levels but not yet to a point of reversal based on overbuying. This can attract further interest from traders looking to capitalize on the momentum, potentially pushing the price even higher in the short term.

However, traders should also be cautious of any rapid changes that could lead to a quick retracement if the price adjusts back into the normal range of the Bollinger Bands.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Công nghệ

FTM secures top gainer spot with 8% jump, but market signals caution ahead

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Fantom, a scalable blockchain platform for DeFi, surged by 8% on the morning of Aug. 16, making it the top performer in the crypto market.

At the time of writing, Fantom (FTM) was still up 8%, exchanging hands at $0.393 per price data from crypto.news. The crypto asset’s daily trading volume jumped by 84%, hovering around $274 million, while its market cap stood at $1.1 billion, ranking it 70th among the top largest cryptocurrencies.

FTM 24-hour price chart– Aug. 16 | Source: crypto.news

The token’s price has jumped by 42% since its drop to $0.276 on Aug. 5, when the crypto and stock markets crashed, leading to over $1 billion in liquidations. Despite its recovery to levels last seen on March 21, FTM is still down 88% from its all-time high of $3.46 recorded in October 2021.

Fantom‘s current price positions it slightly above the middle Bollinger Band at $0.3691 and well below the upper band at $0.4581. The lower band is situated at $0.2801.

fTM Bollinger Band and RSI – Aug. 16 | Source: crypto.news

This suggests that FTM is trading within the typical range of its Bollinger Bands, specifically in the upper half of this range. The price being above the middle band but not yet approaching the upper band could indicate that the market sentiment is moderately bullish. However, the token has not yet shown the strength required to challenge the upper resistance level at $0.4581.

FTM consolidates with neutral indicators, awaiting market catalyst

The fact that FTM remains within the Bollinger Bands indicates that the price movement is within expected volatility levels and has not yet reached a point of being overbought or oversold. The proximity to the middle band suggests a phase of consolidation or a mild upward trend but not a strong breakout.

Additionally, the Relative Strength Index is currently at 49.61. This level is close to the neutral 50 mark, indicating neither overbought nor oversold conditions. This further supports the notion that FTM is in a period of consolidation, with the market undecided on the next significant move.

While FTM is displaying mild bullish behavior by trading above the middle Bollinger Band, the lack of a strong push toward the upper band and the neutral RSI suggests that the token is in a state of consolidation.

The market could be waiting for a catalyst to determine the next direction, whether that be upward momentum to test the upper band or a potential retracement back toward the middle or lower bands. A broader analysis of FTM’s price movement on the daily chart also reveals a falling wedge pattern. The price has experienced a significant decline, dropping 78.59% from a high of $1.22 to a low of $0.26 since March 2024.

On a more optimistic note, the price action of FTM suggests the beginning of a bullish phase, as the token has started to rise from the support trendline. Over the last 11 days, FTM has seen a 33.51% increase, pushing it above the 20-day EMA. However, the recent surge in selling pressure around the $0.40 mark led to a sharp price rejection in the most recent intraday candle, raising concerns about a potential bearish reversal.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News