Fantom surpassed the $1 mark and entered another uptrend with a 54.82% surge in a week. This is the highest position of FTM since March this year. This soar is considered by crypto experts to be a part of Fantom’s Sonic mainnet launch. The launch is in December 2024, when the coin is expected to continue the uptrend.
The transactional data indicates that most of the purchases are from whales. Since the Sonic upgrade has the potential to generate a large number of users in the future, this must have triggered institutional investors. However, various other market analysts suggest that this is a usual recurring uptrend, which is a part of the entire market’s expectation of the altseason.
Fantom’s Current Market Scenario
At the moment of writing, Fantom is trading around $1.08 per coin with a 10.50% increase in the last 24 hours. As a coin that once skyrocketed to $3.48 (On Oct 28, 2021, 3 years ago), Fantom has the potential for another dramatic bull run. Currently, it is 69.48% down from its ATH.
The on-chain data reveals that the whale activity is balanced this month, indicating non-aggressive buying. The chart analysis, including the surge of ADX from 12 to 47 and the position of EMAs, suggests an uptrend.
The Sonic Mainnet’s Launch and Upcoming Roadmap Plans
Various traders opined that the upward momentum will continue till Sonic Mainnet launches. When Fantom dissolved its platform into Sonic Labs in December 2023, it gained attention from developers and traders. Exactly after one year of trial and error, the launch in December 2024 is exciting.
The exact date of launch is not yet revealed, as it depends upon the migration percentage. According to reports, around 80% of migration is complete. Upon the launch, users can swap the FTM coins into Sonic’s S coin in a 1:1 ratio.
Is FTM in the BreakOut Horizon?
If this bullish scenario continues, we can expect a breakout soon. The buying pressure is so high and the community votes in coinmarketcap indicate 90% of buy with 16387 votes. However, there is also a chance for a sudden downtrend. If the current uptrend is based on the hype around the Sonic launch, then we will see a gradual fading of green candles, which will make it reach the test support levels of $0.77 or $0.58.
FTM Token Details
FTM will soon be migrated in S tokens, but there won’t be any changes in the core values like total supply, contract address, and wallets. However, changes will occur in the working mechanism, nodes algorithm, and in the ticker. Here are some details as of today:
| Token Ticker | $FTM |
| Chain | Ethereum ERC-20 |
| Contract Address | 0x4e15361fd6b4bb609fa63c81a2be19d873717870 |
| Total Supply | 3.17 Billion FTM |
| Circulating Supply | 2.80 Billion FTM |
| Market Cap | 3.03 Billion Dollars |
Where to Purchase FTM Tokens?
Around 25.35% of the total exchange volume is concentrated in the Binance exchange which facilitates the trading of FTM/USDT and FTM/TRY pairs. The platform also allows the perpetual trading of FTM/USDT and FTM/USD pairs.
Beyond Binance, FTM is available on all other prominent exchanges, including Kraken, Bitfinex, KuCoin, BitMEX, ByBit, OKX, HTX, and Gate.io. The decentralized exchanges are dYdX v4, APX, Vertex Protocol, and Orderly Network (EVM).
FTM seems like a better asset for long-term hodling and diversifying your crypto portfolio. However, be cautious while getting getting involved in its short-term trading. Make sure you have done your research and calculated the entry & exit points. DYOR, and happy trading.