Fantom Sonic Launch Boosts FTM Price by 20%

Fantom’s FTM surged to $1.22 on March 25 with the launch of Fantom Sonic, focusing on scalability.

Fantom’s native cryptocurrency, FTM, experienced a robust bounce on Monday, March 25, with its price increasing by 20% to one dollar and twenty-two cents.

Fantom Unveils Sonic Technology for Scalability

This breakthrough comes at the same time that Fantom introduced Fantom Sonic, designed to boost the platform’s scalability. At the time of this publication, the Fantom (FTM) price is now trading at $1.15, representing a 4.63% increase and it has a market size of $3.22 billion.

It is interesting to note that the daily trading volume has increased by an astounding 80 percent, reaching $535 million. As part of Fantom’s ambitious plan to revolutionize the landscape of blockchain scalability, the company made a groundbreaking announcement about developing Sonic technology.

The initial publication of the Opera network in December 2019 laid the foundation for this breakthrough. This innovation is the result of meticulous study and development. The Opera network achieved a critical milestone by becoming the first permissionless Directed Acyclic Graph (DAG)-based protocol.

The visionary Andre Cronje and his dedicated technical team led this accomplishment. It demonstrated significant advancements in scalability and transaction speed compared to Ethereum’s capabilities, boasting outstanding accomplishments such as a maximum throughput of approximately 200 transactions per second (TPS) and a finality time of less than 600 milliseconds.

Nevertheless, despite its success, the Opera network encountered difficulties at times of heavy demand, which resulted in congestion and a diminished user experience.

Intending to overcome constraints and usher in a new era of blockchain scalability, the Fantom team went on a quest to build Sonic technology that would last for two years. With a processing speed of up to 2,000 TPS and a finality of less than one second, Sonic represents a significant step forward in information technology.

This development highlights Fantom’s dedication to innovation and represents a substantial evolution from the capabilities of previous versions of Opera.

Using Sonic’s unrivaled technical capabilities, Fantom intends to set a new benchmark for blockchain technology infrastructure. In addition, the system will serve as the basis for a shared sequencer that can perform more than 180 million transactions daily while providing real-time confirmation.

Over the past few days, there has been a discernible reduction in the amount of FTM available to traders. This phenomenon indicates a change toward accumulation by holders with a medium-term and long-term perspective.

This pattern suggests that there is a rising faith in the possibilities that FTM has in the future. Even though it is currently in the overbought zone, the price of FTM continues to be supported by solid market sentiment.

This is demonstrated by the fact that its 7-day Relative Strength Index (RSI) demonstrates significant investor interest. Furthermore, the bullish trajectory that is suggested by the Exponential Moving Average (EMA) lines provides a hint that there is a probability that FTM will achieve a two-year high shortly.

The FTM 7-day Relative Strength Index (RSI) is currently at 77, which is somewhat lower than the 81 that it was the prior week, indicating a slight fall.

Despite this, historical data reveals that the price of FTM continued to rise for extended periods, even when the Relative Strength Index (RSI) suggested that circumstances were overbought.