The cost of Fantom (FTM) is currently attracting attention due to a significant development with its recently renamed platform, Sonic Chain. In the past 24 hours, the FTM price has bounced back and surpassed the $0.7 resistance level according to current market information, which could indicate further increases fueled by the excitement surrounding Sonic.
The Sonic Chain Milestone and Ecosystem Trend
Based on recent news from Sonic Chain, they have surpassed a significant milestone: $100 million Total Value Locked (TVL). This impressive achievement was reached in under 6 weeks following the activation of the Sonic Genesis block.
$100 Million TVL.
— Sonic Labs (@SonicLabs) January 11, 2025
Previously achieved was the 1 million block milestone by Sonic Chain, just three weeks following its launch, as reported in a prior update from Coingape. This current achievement, while important, is not the first for the protocol.
The “total value locked” is a measure representing the collective sum of funds kept within the blockchain. From its beginning, Sonic Labs, earlier known as Fantom, has launched several Decentralized Applications (DApps) using this specific protocol.
An Ethereum bridge went live in late December 2024 to chart a strong foundation for the network.
Implication for Fantom Price
Although the Sonic Chain operates with its own token (S), it’s primarily the developments within its ecosystem that significantly influence Fantom’s price.
While writing, the value switched between parties for approximately $0.7206, marking an increase of 2.82% over the past day. Despite the recent price drop over the last week, Fantom’s price climbed from a low of $0.6929 to a high of $0.7296 before stabilizing at its current point.
In the realm of my analysis in 2024, Fantom didn’t exactly sail through the year. It recorded a combined growth of 71%, but when juxtaposed against its key competitors such as Solana (SOL), it fell short. While Fantom grew by 71%, Solana managed to leap an impressive 90%.
Currently, Sonic Labs aims to revolutionize Fantom by introducing a new chain. This upgrade is expected to offer faster speeds, stronger connections, and a more expansive ecosystem. As such, it’s anticipated that Fantom’s price (FTM) could surpass the $1 mark in the near future.
The Altcoin Season Advantage
In the ongoing effort for significance within the wider blockchain community, Sonic Chain and Fantom could potentially gain advantage as a result of the anticipated rise in altcoin prices, which many expect to occur in the near future.
A current report from Santiment indicates an increase in the number of long-term investors (HODLers) for Ethereum, Dogecoin, and other leading altcoins. This data suggests a growing market trust in these blockchains, a pattern that could potentially influence Fantom if it continues.
Moreover, it’s worth noting that the upcoming Donald Trump presidency could potentially boost the popularity of altcoins due to his administration’s apparent support for Decentralized Finance (DeFi), as his family seems to be in favor of it.
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2025-01-12 21:08