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- Fantom Foundation was rebranded to Sonic Labs in May as part of an overhaul aimed at addressing network issues and improving the user experience.
- The buzz around Fantom is focused on the upcoming launch of its updated Tier 1 series, Sonic.
The majority of cryptocurrencies were trading in the green on August 22, despite a slight pullback from late Wednesday prices.
Phantom [FTM] It emerged among the biggest winners alongside ribbed [MATIC]Both are posting decent gains.
According to AMBCrypto’s TradingView, FTM printed a 15.64% daily green candle on August 21 and was on track to complete a small green candle.
Source: TradingView
Outside of the market, Fantom has seen increased interest and engagement from users due to the ongoing rebranding process that will eventually see the network transition to a new identity.
In May, Fantom Foundation introduced Sonic Foundation and Sonic Labs as the new entities associated with a new high-production series, Sonic Network.
Sonic Network Story
The Sonic network will operate as a high-speed Layer 1 chain with a native Layer 2 bridge connected to Ethereum [ETH]Thus opening up more liquidity.
The launch of Sonic is expected to bring a new phase of growth to the ecosystem, thanks to greater network scalability and faster transaction speeds.
Sonic Labs claims the new chain can handle over 10,000 transactions per second (TPS), a significant improvement over Opera’s network which was capable of handling 2,000 TPS.
A look at the network’s highlights
This week, Sonic Labs It was launched. The Sonic Boom Rewards program was launched on August 20th to encourage developer activity.
The program, which represents the first major Sonic airdrop initiative, runs until November 4 and will reward developers working on the series with Sonic Gems.
Earlier this month, Sonic Labs announced Advertise DeFi veteran Andre Cronje has taken over as CTO.
Cronje will be responsible for Sonic’s development, specifically the original Sonic Gateway bridge technology.
The bridge aims to promote interoperability across blockchain systems and features a security system, allowing users to recover their funds on-chain.
Last month, Sonic Labs introduced a gas-free trading program in partnership with Rabby, a wallet for Ethereum and all EVM chains.
The program began on July 22 and will continue until October 20 or if the allocated funds are exhausted.
Phantom [FTM]Technical analysis
FTM has recorded gains of around 25% over the past seven days. This price rise has been accompanied by high daily trading volumes due to increased market participation.
CoinMarketCap data showed that FTM’s 24-hour trading volume exceeded $200 million on several occasions on August 21.
Source: TradingView
The upcoming Sonic mainnet launch could revive activity on the chain and potentially drive prices, positioning FTM as a strong buy.
FTM has already seen increased interest in the lead-up to the launch of the Sonic blockchain later this year.
Technical indicators suggest that FTM’s short- and long-term outlook is strong. At the time of writing, FTM stock is trading between its 50- and 100-day simple moving averages.
The $0.54 level, which coincides with the 200-day exponential moving average (EMA), is the next price target for bulls. A change in resistance at this level would bring the $0.68 level and the May high at $0.97.
Source: TradingView
Reads Phantom [FTM] Price prediction 2024-25
Despite the phantom [FTM] It has risen more than 90% from its August 5 low of $0.24, but still lags behind Bitcoin [BTC] And other major alternatives in the market in terms of returns since the beginning of the year.
FTM is down 2.40% since the beginning of this year, underperforming Bitcoin, which was trading 36% higher in the same period.
