The Fantom network’s native currency, FTM, experienced a significant price surge of over 20%, reaching $1.22. This increase aligns with the network’s announcement of its new Sonic technology, aimed at improving scalability. FTM’s current price stands at $1.15, it boasts a market capitalization of $3.22 billion, and its trading volume has soared by 80%, hitting $535 million.
Fantom’s Leap in Blockchain Efficiency
Fantom’s recently announced Sonic technology marks a groundbreaking advancement in blockchain scalability. Under Andre Cronje’s leadership, the technical team built on the success of the original Opera network, which in December 2019 introduced the first unsupervised Directed Acyclic Graph (DAG) protocol. Sonic was developed over two years to address the performance issues encountered during high traffic periods on Opera, aiming to offer a superior user experience.
Sonic technology promises a dramatic performance boost, capable of processing up to 2,000 transactions per second with near-instantaneous finality. This represents a marked upgrade from the Opera network’s capabilities, highlighting Fantom’s dedication to technological advancements. Sonic is poised to redefine blockchain infrastructure, with aspirations to enable a common sequencer that can handle over 180 million transactions daily with immediate confirmation.
Market Outlook and Investor Behavior for FTM
Market analysis reveals a reduction in the available supply of FTM tokens, with a trend towards accumulation by investors with medium to long-term outlooks. Despite the token entering the overbought territory, the market sentiment remains positive for FTM, buoyed by a Relative Strength Index (RSI) that indicates sustained investor interest.
Furthermore, the Exponential Moving Average (EMA) trends suggest that FTM is on course to achieve its highest price level in two years, potentially reaching around $1.6 in the near future. This optimistic forecast is backed by the strong momentum and innovative developments within the Fantom network.
