The Fantom price has increased by 14.57% in the last 24 hours, reaching $1.40, a price last seen in April 2022. This rise comes as Sonic Labs, previously known as Fantom, is getting ready to launch the Sonic mainnet and the new $S token, which is changing from the old FTM token.
Sonic mainnet launch draws near
The launch of the Sonic mainnet has created strong support and excitement in the global crypto community. Many analysts believe the FTM token price could rise significantly in the coming weeks.
Meanwhile, the Sonic project announced that its mainnet will likely go live before the end of December.
Before this, Sonic Labs released its upgraded testnet, Blaze, to showcase its performance. The Blaze testnet processed many blocks with an average time of under 0.33 seconds and can handle up to 8 transactions per second.
Uniswap, a major decentralized exchange platform, is among the top companies preparing for the Sonic mainnet launch by deploying Uniswap v3 on Sonic.
The new EVM L1 blockchain aims to provide better features than the previous platform. The Sonic mainnet is expected to handle up to 10,000 transactions per second (TPS) with sub-second finality, as demonstrated in the testnet.
The team also shared other exciting updates, including fee monetization, an upgrade from $FTM to $S, and Sonic Gateway, which provides a native bridge from Ethereum. It will be 100% compatible with EVM, and around 200 million $S tokens will be airdropped to eligible participants.
Even before the $S token launch, the project began forming partnerships with other companies to expand its uses. Partners include CryptoAutos and Redotpay, and over 100 apps are already confirmed for deployment.
Fantom price prediction: $2 next FTM target
The price of Fantom (FTM) has been rising as it prepares for the upcoming launch of the Sonic mainnet. In the last 24 hours alone, the FTM token jumped from $1.2 to $1.4.
Fantom is now the 43rd largest cryptocurrency, with a market cap of $3.96 billion. There has been a lot of interest from traders, with the 24-hour trading volume increasing by 103.23% to over $622 million.
Crypto analyst AMCrypto, who has over 13.2k followers on X, is optimistic about the FTM price outlook. He shares a “bullish retest,” meaning the price has increased significantly, and then it comes back to test a previous support level.
This suggests crypto traders expect the price to keep rising after this pullback. As such, the analyst believes FTM could reach $2, mostly based on technical analysis, market sentiment, and the upcoming Sonic launch.
Another analyst, Captain Faibik, who has 99.8k followers, shared a chart showing a long-term descending triangle pattern in the FTM/USDT price chart. Usually, this pattern is a bearish signal, but it was invalidated when the Fantom price broke above the upper resistance line.
This breakout indicates a bullish reversal, meaning buyers are getting stronger and increasing momentum. Based on this analysis, the long-term target for the self-acclaimed crypto analyst is $15.
However, key levels to watch include the previous resistance zone, which is now in the support zone at around $1.30-$1.40. If the price holds at this level, it could confirm the breakout and encourage further increases.
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