Crypto analyst Eric Cryptoman predicts Fantom (FTM) could reach $2 by January 2025 and exceed $10 during the next bull market peak.
The forecast comes as FTM’s price surged above $0.96, marking a 38% weekly gain amid growing interest in the network’s upcoming Sonic upgrade. The FTM token has shown steady recovery throughout 2024, climbing from mid-year lows near $0.20.
The analyst’s chart indicates a decisive breakout from the $0.70-$0.80 consolidation zone. The price movement formed higher lows since mid-year, establishing an ascending trendline pattern.
The token found support at $0.80, while the previous resistance at $0.95 transformed into a new support level. Trading volume data shows increased market participation during the latest price surge.
Sonic Upgrade Drives Market Optimism
Fantom’s development team continues work on the Sonic upgrade, which aims to achieve 10,000 transactions per second (TPS) on the network. The enhancement targets improved scalability for Ethereum Virtual Machine (EVM) compatibility, positioning Fantom among leading Layer-1 blockchain networks.
The upgrade announcement sparked renewed interest from traders and investors. CoinGecko data shows FTM’s 24-hour trading volume reached $1.1 billion as prices rose.
Read Also: Bitcoin Whales Accumulate Despite BTC Price Retrace Below $95K
Market Projections Based on Current Trends
Technical analysis suggests FTM could target the $1.30-$1.50 range after breaking above the $1.00 psychological barrier. The token previously traded within this range during March and May’s market activity.
Eric Cryptoman shared his analysis on X, stating “FTM like clockwork, well done to the chads riding longs.” He pointed to the Sonic upgrade as a key factor in his bullish outlook, noting the potential impact of increased transaction capacity on network adoption.
The price movement aligns with broader market recovery signals. Historical data shows FTM maintaining support levels while forming new resistance zones during its upward trajectory.
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