FTM could rally over 250% following its transition to Sonic: analysts

Crypto experts predict that Fantom could potentially surge over 250% after multiple bullish patterns emerged on its charts.

According to analyst CryptoBoss, Fantom (FTM), which has more than 189K followers on

The analyst observed that FTM broke the falling wedge formation, a popular bullish pattern in technical analysis, on the 4-hour FTM/USDT chart and predicted that the altcoin could target around $2 in the short term, with a potential gain of 256%.

Adding to bullish speculation, pseudonymous analyst Clifton Fx has projected an even larger price target for FTM, forecasting a potential upside of 400-500% from its current price based on strong technicals.

The expert noted that this rally could occur in the coming weeks and push FTM as high as $4.16 as the altcoin breaks above the long-term descending trend line that has served as resistance for nearly four years.

These bullish predictions are consistent with on-chain metrics showing an increase in trader activity and investments as the crypto market regains momentum following the holiday lull. Bitcoin’s rise above $100,000 reignited market optimism and paved the way for altcoins like Fantom to follow suit.

Net flow of FTM whalers in the last 7 days: Source: IntoTheBlock

Whale owners’ net flow rose to more than $11.1 million on Jan. 6, up 540% from a $1.74 million inflow on Jan. 5, according to IntoTheBlock data. This type of increase in whale accumulation of an asset is often viewed by retailers as a strong bullish signal. investors.

FTM focused social sensitivity | Source: Santiment

Additionally, data from Santiment shows that the predominant social sentiment surrounding the altcoin has improved over the past six days. Weighted social sentiment increased from -1.64 at the beginning of January to -0.0427 at press time, indicating that investors are becoming increasingly optimistic about the project.

FTM will switch to S

This bullish outlook for FTM comes ahead of the rebranding of its layer 1 blockchain Fantom Opera Network as Sonic Chain, a new layer 1 blockchain designed for faster transactions.

Additionally, Sonic Labs will launch its native S token, which will be used for transaction fees, staking, verification and governance. Existing FTM holders can exchange their tokens for S tokens at a 1:1 ratio once the blockchain goes live.

Binance, the world’s largest crypto exchange, has already announced its support for the rebranding and replacement of FTM-Sonic tokens. By January 13, 2025, Binance will delist all FTM trading pairs and halt FTM deposits and withdrawals.

Other crypto exchanges such as Crypto.com and Bybit have also followed similar FTM token swap plans.

While community excitement is growing, FTM’s price has yet to make any significant moves this season, falling over 40% in the past month. However, technical data shows that the current downward trend will soon reverse.

FTM price, MACD and ADX chart | Source: crypto.news

On the 1-day FTM/USDT chart, the Moving Average Convergence Divergence indicator shows that the MACD line (blue) is about to cross above the signal line (orange); This is a signal of an uptrend that shows the bulls are gathering strength.

The Average Directional Line at 26.8 also points towards a higher chance of a trend reversal that could lead to a rally in the altcoin, with the first target being the $1 psychological resistance level. A break above $1 could send the price higher and aim to reach last year’s high of $1.44.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.