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Fantom (FTM) has caught the attention of the cryptocurrency market, surging by approximately 20% in the last 24 hours and reaching a price of $0.836 at press time. As the altcoin approaches a critical resistance level at $0.84, speculation is mounting regarding its next move, with both technical and on-chain indicators fueling optimism for a potential breakout.
What’s Behind the Recent FTM Rally?
The driving force behind Fantom’s recent price surge lies in the strategic rebranding to Sonic. This move is part of a broader effort to revamp the network, making it more attractive to investors and developers. As part of the rebranding, Fantom aims to enhance its scalability and performance, increasing its appeal in the competitive blockchain space.
On-chain data from IntoTheBlock further highlights the growing momentum for FTM. Active addresses have risen by an impressive 186%, signaling increased user engagement and adoption of the Fantom network. This uptick in network activity suggests a shift toward greater usability, bolstering the case for sustained price growth.
Moreover, the recent decline in exchange outflows since January 6 suggests that selling pressure is easing, which could provide a favorable environment for FTM’s long-term growth.
Will the $0.84 Resistance Hold?
The $0.84 level has historically posed a significant barrier for FTM’s price. If the altcoin can break through this resistance, it could pave the way for a potential rally toward the $1 psychological level. However, if FTM struggles to surpass this hurdle, the price may retrace to support levels near $0.80.
Also Read: Fantom Faces 52% Loss Amid Sell-Off: Will the Sonic Token Swap Revive FTM’s Future?
What’s Next for Fantom?
Looking ahead, the Sonic rebrand has piqued investor interest, and the 186% spike in active addresses suggests that Fantom‘s ecosystem is gaining traction. If FTM can maintain momentum and clear the $0.84 resistance, the altcoin could test higher resistance levels, signaling a continued bullish outlook for the project. For now, all eyes are on Fantom’s technical performance and the impact of its rebranding on long-term growth.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
