- Fantom surged 20% in 24 hours, reaching $0.836 amid its Sonic rebranding and a 186% spike in active addresses.
- All eyes are on the critical $0.84 resistance level.
Fantom [FTM]has come into the limelight after surging about 20% in the last 24 hours, propelling its price to $0.836, at press time.
On the daily chart, altcoin is approaching a critical resistance level at around $0.84, with speculation high on its next move.
The market is abuzz with a combination of technical and on-chain metrics fueling optimism for a potential breakout.
Source: TradingView
What is behind the recent FTM rally?
FTM’s rebrand to Sonic has driven increased investor interest. This strategic change reflects changes in Fantom and aims to make the blockchain more attractive.
In addition to the rebrand, on-chain data from IntoTheBlock shows that active addresses have increased by 186%. This increase indicates that more users are interacting with the Fantom network, suggesting increased adoption and usability.
Source: IntoTheBlock
Adding to the surging trading activity is the decline in exchange outflows since January 6.A reduction in outflows often indicates reduced selling pressure, which could create a conducive environment for FTM sustained price growth.
The convergence of these sentiments suggests that FTM’s rally is not purely speculative but backed by evolving fundamentals.
Source: IntoTheBlock
Will the $0.84 resistance level hold?
The $0.84 level has proven to be a strong barrier for FTM’s previous rallies. Breaking past this resistance could trigger new upward momentum, potentially driving the altcoin to test the $1 psychological level.
However, failure to clear this critical hurdle might cause Fantom’s price to retrace and test support levels around $0.80.
What is on the horizon for the altcoin?
As the Sonic rebranding gains market participants’ attention, broader adoption of FTM’s ecosystem could surge. The 186% spike in active addresses indicates a growing network activity, which is a bullish indicator for FTM long-term growth.
Read Fantom’s [FTM] Price Prediction 2024-25
In the short term, breaking past $0.84 remains the pivotal challenge for Fantom. If successful, FTM could rally to test higher resistance zones.
Currently, the altcoin trajectory hinges on both technical momentum and continued positive sentiment around the Sonic rebranding.
