Fantom (FTM) price has rebounded impressively after a week of bearish trends. The value of FTM is climbing, with the potential for further increases. Currently, FTM is trading with bullish momentum following the market’s recent recovery. This surge comes as Sonic Labs announces an airdrop of 200 million tokens, energizing the market.
Fantom Price Climbs Amid New Token Strategy
The Fantom price will increase significantly as Sonic Labs introduces a deflationary approach. They plan to distribute 200 million $S tokens. On the claim date, recipients will receive 25% of their $S tokens instantly. The rest, 75%, will be spread over a nine-month period. Claiming these tokens early will result in a portion being burned.
This price rise is fueled by expectations of the forthcoming “Sonic” update later this year. The update aims to boost blockchain efficiency. Key enhancements will include an upgraded Carmen database system, a newly developed Fantom Virtual Machine (FVM), and a reduced finality time to nearly one second.
Can FTM Surpass $1 Amid Sonic Labs Innovations?
The Fantom price has seen a notable surge in the past day. At the time of writing, the FTM price hovered at $0.6286, reflecting a 4.10% increase over the last 24 hours. The price movement is depicted on a chart showing significant daily volatility, fluctuating between a low of $0.5903 and a high of $0.6305.
Fantom price is currently hovering near the resistance level of $0.7. Should there be a notable increase in buying activity, FTM may climb above this threshold.
Surpassing the $0.8 mark could trigger a significant uptrend, potentially elevating the price to $0.9. Such momentum might lead Fantom to challenge and exceed the crucial $1 milestone.
The daily technical indicators for top altcoins show a modest gain in the latest 4-hour trading window. The MACD indicator shows a convergence of the signal line towards the MACD line, indicating potential upcoming changes in market momentum.
Fantom Price Chart| Source: TradingView
As the Fantom price nears a crucial resistance level, the potential to exceed $0.8 and target $1 is promising. This optimism is driven by Sonic Labs’ strategic token approach and upcoming blockchain improvements, suggesting a robust upward trend and positive market sentiment.
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