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Fantom's 14% surge precedes sonic upgrade, while Bitcoin and Ethereum encounter obstacles

According to reports, holders of Fantom (FTM) appear to have adopted a Zen attitude and are not affected by market corrections, FUD, or unfavorable news. Despite the general decline in the cryptocurrency market, Fantom has seen a significant increase in its value.

Fantom was introduced in 2018 as a Layer 1 platform for blockchain technology, with the goal of being a competitor to Ethereum. Its framework utilizes the Lachesis Protocol, which is a singular consensus layer that allows for the development of multiple execution chains.

This particular design allows for increased scalability and greater throughput for decentralized applications (dApps) and smart contracts.

Fantom’s impressive performance

According to market capitalization, the FTM token has been the most successful among the top 100 cryptocurrencies. Within the past 24 hours, it has notably risen by 13.7%. This is a notable difference compared to the majority of other tokens, as 87 out of the top 100 have experienced a decline.

In the previous day, almost 90% of tokens experienced an increase in value. However, the current situation is different as only 13 tokens have shown positive growth. One of these standout tokens is Fantom, which has risen from $1.04 to $1.18 in just one day.

This rise in value is not a singular occurrence, as the coin has seen a significant 55.6% growth in the past week.

The Most Underperforming Candidate: PEPE Meme Coin

While Fantom has achieved success, PEPE, the meme coin, has not fared well among the top 100 tokens. It has seen a decrease of 11.6% in value within the last 24 hours and a 17% decline over the course of the week.

This serves as a reminder of how volatile meme coins can be in the crypto market, going from top performers to underperformers quickly.

Excitement for Fantom’s Network Enhancement

The recent surge in Fantom’s value can be attributed to the excitement surrounding its upcoming network upgrade, called Sonic. This upgrade is scheduled to move from testnet to mainnet in the spring of 2024 and is predicted to greatly enhance transaction processing speeds.

Currently, Fantom’s current mainnet, Opera, can only handle 3.2 transactions per second. The Sonic upgrade aims to completely transform the network’s efficiency and draw in a larger number of developers to the platform.

The excitement surrounding Fantom is not solely due to the upcoming network upgrade. The launch of the Fantom Virtual Machine (FVM) has also captured the interest of investors and enthusiasts.

With the FVM, developers will be able to easily convert their code from the Ethereum Virtual Machine (EVM) to Fantom’s native format, resulting in quicker execution. This improved compatibility with Ethereum could potentially drive more users to adopt the Fantom platform and enhance its overall performance.

FTM Technical Analysis

FTM has been exhibiting a bullish trend from a technical standpoint since the end of January, despite the corrections seen in other major cryptocurrencies such as Bitcoin and Ethereum.

The price chart demonstrates steady advancement and no indications of any corrections throughout the year. The gap between EMA10 and EMA55 suggests rapid expansion, while the relative strength index (RSI) points towards a strong buying activity in the market.

At the moment, FTM is conducting pressure zone testing within the range of $1 to $1.10. This range has been a reliable support level from September 2021 to April 2022.

It is noteworthy that this is the first time the coin has reached such high prices since then.

In case FTM is unable to break through this resistance, it may experience a downward correction on the chart, with initial support seen around $0.90. On the other hand, if it continues its bullish trend and surpasses the resistance, the next target could be approximately $1.5.

The remarkable increase in value of Fantom amidst a market decline showcases its robustness and capacity for expansion. With the upcoming network upgrade and the launch of its Fantom Virtual Machine, Fantom has established itself as a formidable player in the blockchain industry.

Despite the volatility displayed by meme coins, Fantom’s stability and appeal to investors can be seen through its performance. It is crucial to thoroughly research and evaluate market conditions before making any investment choices.