Fantom Price Surges 40%, Outpacing Leading Cryptos Ahead of Anticipated Upgrade
Fantom (FTM) has experienced a remarkable price surge of 40% over the past month, reaching $0.51 on September 16. This significant rebound comes after FTM dropped to $0.26 on August 5.
The cryptocurrency's performance is striking when compared to major cryptocurrencies: Bitcoin dropped 4%, Ethereum fell by 12.6%, and the total crypto market cap shrank by 2.5% to $2.02 trillion.
Crypto trader 'Mister Crypto' attributes FTM's rally to 'a lot of development behind the scenes.'
The upcoming Sonic upgrade is expected to supercharge Fantom's network performance, introducing a new Fantom Virtual Machine, an optimized consensus mechanism, and improved storage. The upgrade aims to boost transaction speed from 30 to over 2,000 per second, reduce finality time to about one second, and slash storage needs by up to 90%.
Despite the price pump, Fantom's DeFi ecosystem is still in recovery mode, with a total value locked (TVL) of $86.5 million, down from its peak of $7.93 billion in March 2022. However, there are signs of life, as TVL has grown 22% since August 8 and daily active addresses have jumped 67% this month.
Technically, FTM is flirting with a bullish pattern, trading just below the neckline of an inverse head-and-shoulders formation. A breakout could target $0.81, a 56% upside from current levels.