Fantom Price Soars Ahead of Sonic Upgrade; Is $1 the Next Stop?

Fantom (FTM) price is sustaining a bullish trend, despite some fluctuations in the market. Currently, the price is stable around key support levels, reflecting market volatility. As anticipation builds for the upcoming Sonic Upgrade, momentum in Fantom’s value is visibly increasing. The potential for further gains is on the horizon, hinting at a robust upward trajectory.

The Cryptocurrency market is currently exhibiting a mixed trend. Bitcoin price maintains its position just over the $60,000 mark, while Ethereum hovers near $2,300 ahead of the highly anticipated Fed meeting. In contrast to the overall stable market, Floki has demonstrated notable growth, with a rise exceeding 15% in the past week.

Fantom Price Surges as Sonic Upgrade Nears

Fantom’s upcoming Sonic upgrade will revolutionize its system by introducing a new Fantom Virtual Machine (FVM). This update includes the refined Lachesis consensus mechanism and the innovative Carmen database storage. Slated for release between November and December 2024, these enhancements will catapult Fantom’s transaction capabilities. 

Currently, the blockchain processes 30 transactions per second (TPS). Post-upgrade, it will handle over 2,000 TPS, with transaction finality achieved in about one second. 

Recently closed testnet trials with simulated traffic achieved these metrics, reaching a finality time of just 729 milliseconds. This significant advancement marks a pivotal moment for Fantom. Moreover, anticipating the Sonic network’s launch will boost demand for the FTM token, potentially increasing its market value and investor interest.

FTM Price Poised to Break Key Resistance Levels

Over the past 24 hours, the Fantom price has seen varied activity, indicating a slight yet noticeable movement in the value. At the time of writing, the FTM price hovered at $0.5708 with a slight surge of 2%. The digital asset’s price chart showed a low of $0.5501 and a peak at $0.5871, reflecting a mix of investor responses amid ongoing market trends. 

The daily technical indicators for FTM price show a noticeable upward trend in recent sessions. The Relative Strength Index (RSI) supports this bullish sentiment as it climbs towards the overbought territory currently at 67.

Fantom currently has a Total Value Locked (TVL) of $92 million. Over the past 24 hours, the TVL has experienced a slight decrease of 0.01%, reflecting minimal volatility in the platform’s locked assets. The platform remains a significant player in the DeFi space, with its TVL indicating ongoing user participation and trust in its ecosystem.

Fantom price is currently trading close to the $0.6 resistance mark. If buying pressure significantly increases, FTM could push beyond this level. A breakthrough past the $0.7 barrier may spark a rally, potentially driving the price toward $0.8. This upward momentum could further propel the top altcoins to test and surpass the critical $1 mark ahead of the anticipated Sonic Upgrade.