FTM Price Jumps 20% Amid Launch of New Scalability Solution Fantom Sonic

Fantom’s native cryptocurrency FTM registered a strong rally on Monday, March 25, with its price gaining 20% all the way to $1.22. This development comes as Fantom unveils Fantom Sonic for scalability improvement of the platform. At press time, the Fantom (FTM) price is trading 4.63% up at a price of $1.15 with a market cap of $3.22 billion. Interestingly, the daily trading volume has surged by a staggering 80% to $535 million.

Fantom Unveils Sonic Technology for Scalability

In a groundbreaking move, Fantom announced the development of Sonic technology in a bid to transform the landscape of blockchain scalability. This innovation comes as a result of meticulous research and development, building on the foundation laid by the initial Opera network released in December 2019.

Led by the visionary Andre Cronje and his dedicated technical team, the Opera network marked a significant milestone as the first permissionless Directed Acyclic Graph (DAG)-based protocol. Boasting impressive achievements, such as a maximum throughput of nearly 200 transactions per second (TPS) and sub-600ms finality, it showcased vast improvements in scalability and transaction speed compared to Ethereum’s capabilities at the time.

However, despite its success, the Opera network faced challenges during periods of high demand, leading to congestion and a compromised user experience. In response, the Fantom team embarked on a two-year journey to develop Sonic technology, aiming to overcome these limitations and usher in a new era of blockchain scalability.

Sonic represents a monumental leap forward, with the capacity to process up to 2,000 TPS at sub-second finality. This advancement also marks a significant evolution from Opera’s capabilities and underscores Fantom’s commitment to innovation.

With Sonic’s unparalleled technical capabilities, Fantom aims to establish a new standard for blockchain infrastructure. Furthermore, the technology will serve as the foundation for a shared sequencer, capable of processing over 180 million daily transactions with real-time confirmation.

FTM Price Prediction

In recent days, there has been a notable decrease in the available supply of FTM among traders, indicating a shift towards accumulation by mid-term and long-term holders. This trend suggests a growing confidence in the future potential of FTM.

Despite being in the overbought zone, FTM’s price remains supported by positive market sentiment, as indicated by its 7-day Relative Strength Index (RSI) showing high investor interest. Additionally, the bullish trajectory suggested by the Exponential Moving Average (EMA) lines hints at the possibility of FTM reaching a 2-year high in the near term.

Currently, the FTM 7-day RSI stands at 77, slightly lower than the previous week’s 81, indicating a marginal decline. However, historical data suggests that FTM’s price has continued to climb for extended periods, even when the RSI indicated overbought conditions.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.