Highlights:
- Fantom is currently trending towards the psychological $1 resistance
- A rally through $1 could see Fantom rally to $1.50 soon
- Fantom’s upcoming migration is likely to drive momentum in the short term
Fantom is leading the way among the top altcoins in terms of gains. This is after a weekend that was characterized by a correction across the market. At the time of going to press, Fantom was outperforming most of the top 100 cryptocurrencies. It was up by 6% to trade at $0.9696.
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Fantom trading volumes are also on the rise. 24-hour volumes for Fantom are currently at $1.14 billion, up by 33.54% in the day. All this points to the rising investor interest in Fantom relative to most large-cap altcoins. Multiple factors are supporting Fantom’s intra-day price action.
Older Altcoins are Making a Strong Comeback
One of them is the fact that older altcoins are waking up this cycle, especially since Donald Trump won the election. This is mainly due to the expectation of a more pro-crypto policy in the US, which has already been set in motion with the resignation of Gary Gensler as the head of the SEC.
Since a lot of these projects got subdued by the harsh policies of the Biden administration, the odds are high that they will pump as old investors get into profit and the new ones rush to capitalize on the gains. Fantom, being one of the older cryptocurrencies with solid fundamentals, has seen money start to flow in a big way.
First target for $FTM is 3$
If shit get's crazy then 10-15$
Buying FANTOM right now is literally free money
— Anglio (@CryptoAnglio) November 24, 2024
Fantom Migrating to Sonic
Fantom also has some big news around it that could help sustain the momentum it has built up so far. It is in the process of a rebranding from Fantom to Sonic. After the migration, the name Fantome will be dropped for Sonic, with the ticker S. There are several reasons why this is upcoming upgrade is much awaited by the market. One of them is that it comes with an airdrop, which means Fantom holders can expect to increase their bags through the airdrop.
According to the Sonic docs page, there will be an extra 6% minted of the existing 3.175 billion S tokens. This will happen within 6 months, and the new tokens will be airdropped to everyone in the Fantom ecosystem. This ranges from the users and the builders who are working to make the Sonic ecosystem even better. The expectation of this airdrop could help drive even more momentum into Sonic, especially now that bulls are coming back into the whole crypto ecosystem.
Technical Analysis – Fantom Price Rallies After Breakout From Multi-Month Range
From the charts, Fantom is one of the top altcoins that are showing signs of potentially rallying soon. On the day chart, Fantom is gaining upside momentum after a breakout of a multi-month range on November 23. The breakout was so strong that it saw Fantom briefly test the psychological resistance level at $1. If bulls sustain the current momentum, then Fantom could soon rally to a high of $1.50.
On the other hand, if Fantom experiences an intra-day correction, the key level to watch would be $0.834, now a key support level. Of these two scenarios, the odds are higher that Fantom is headed higher through the $1 psychological resistance level. That’s because of the shift to Sonic and the fact that the momentum across the cryptocurrency market is currently bullish.
Recap
Fantom is pumping in the day compared to most altcoins. A confluence of multiple bullish factors could see Fantom rally through $1 and potentially test $1.50 in the short term. With hype building up across the market, hitting such a target in the short term is a realistic possibility.
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