Fantom Surges Past Major Cryptos as Sonic Upgrade Looms
Fantom (FTM) has experienced an impressive price surge of 40% over the past month, reaching $0.51 on September 16 and surpassing its August 6 low.
The cryptocurrency's significant rebound is even more remarkable when compared to other major cryptocurrencies, with Bitcoin dropping 4% in the same period and Ethereum falling by 12.6%. The total crypto market cap has also shrunk by 2.5% to $2.02 trillion.
A key factor driving FTM's rally is the upcoming Sonic upgrade, which promises to boost network performance significantly. The upgrade introduces a new Fantom Virtual Machine, an optimized consensus mechanism, and improved storage, with transaction speed set to increase from 30 to over 2,000 per second and finality time dropping to approximately one second.
Fantom's DeFi ecosystem is still recovering, but there are signs of growth, with total value locked (TVL) increasing by 22% since August 8 and daily active addresses jumping 67% this month. From a technical perspective, FTM is flirting with an inverse head-and-shoulders formation, potentially targeting $0.81 and a 56% upside from current levels.