Fantom (FTM) Rebrands to Sonic (S), Displaying Increased Bullish Action

Fantom price today displays increased bullish action, highlighting increased buying pressure. The technical indicators turn extremely greedy

The price of Fantom (CRYPTO: FTM) experienced a surge in buying pressure on Monday, highlighting a shift in market sentiment.

According to CoinPedia, the technical indicators turned "extremely greedy," suggesting an increase in price action for the altcoin.

Considering the present market sentiment, important resistance and support levels are $1.20 and $0.65, respectively.

Rising Hype, a Catalyst for Price Recovery?

The price of Fantom (now Sonic) dropped around 12% in the first half of January, indicating increased bearish sentiment for the altcoin.

However, the recent rebranding to Sonic has resulted in a massive spike in its social sentiment. This highlights a potential bullish reversal.

Will the rebranding to Sonic (S) and the rising hype act as a catalyst for this altcoin to reclaim its $1? CoinPedia’s expert panel has covered the short-term market sentiment, and possible price targets just for you!

Why Did Fantom (FTM) Rebrand to Sonic (S)?

The shift in market positioning led Fantom to rebrand itself to Sonic. With an aim to increase community involvement and polling, Sonic will roll out new features in its ecosystem that may improve the usage and demand for its token.

That being said, the FTM price will continue to be primarily dependent on the crypto market sentiment and the basis of its adoption. Moreover, the effectiveness of this shift is the fact that the crypto market is now paying significant attention to compliance issues.  

FTM Price Displays Increased Price Volatility!

The price of Fantom (now Sonic) maintained its value above the $0.70 mark with an intraday trading volume of $7.556 million.

Moreover, with a market capitalization of $2.052 billion, this crypto project has secured the 56th position.

Also, the Fantom project which is now rebranded Sonic Chain has already crossed the $100 million milestone in Total Value Locked (TVL). Notably, this highlights a significant boost in its speed and connectivity in a competitive blockchain environment. 

Technical Sentiments for Fantom (Sonic)

The Simple Moving Average (SMA) is on the path of experiencing a bullish crossover in the daily time frame. This indicates a positive outlook for the altcoin in the coming time.

Further, the RSI indicator shows a constant rise toward the mid-point with its average trendline acting as a support in the Fantom price chart. This suggests that the price of FTM token could continue gaining momentum this week.

What Lies Ahead For Sonic (ex-FTM) Price?

Suppose, the bulls regain momentum, in that case, the FTM coin price could reclaim the $0.80 mark. Maintaining the price above that level could set the stage for this altcoin to head toward its important resistance trendline of the $1 mark.

On the flip side, if the crypto market turns bearish. This could result in the Fantom price retesting its support level of $0.70. Furthermore, if the bulls fail to regain momentum at that point. This could pull the price toward its low of $0.65 this month.

To find out answers to questions like “Will Fantom reach $10 dollars?” Read our Fantom Price Prediction to uncover the possible long-term price action!

FAQs

With a 24-hour trading volume of $7.537 million, the Sonic price is valued at $0.7000.

For this altcoin to achieve this price target, it will require a price surge of 6,942.25% in its current valuation.

With Fantom’s recent migration to Sonic (S). This project is expected to roll out significant upgrades, making it a potential long-term investment.

Amid rising volatility and increased adoption, the FTM coin price could reach a maximum price of $3.72 this year.