Fantom’s transition to Sonic Labs is showing promising signs for token holders. This week, the FTM price pumped of over 20%, which appears to be closely linked to the ongoing developments surrounding Sonic Labs.
Partnerships and Ecosystem Expansion
Sonic Labs is making notable strides in building its ecosystem. The team recently announced an exciting collaboration between SellekArt and Froyd_Art for the Shards NFT artwork. A wallet snapshot is scheduled for December 1st, which will determine the whitelist for an exclusive NFT that carries points for a substantial ~$200 million $S airdrop.
The project has also deepened its partnership with Rabby_io, marking a milestone as the first integration in Rabby’s Ecosystem tab. This integration will offer users the ability to track airdrop points, with forthcoming features including $FTM migration and $S staking.
Technical Analysis by Crypto Analyst Pruden
Renowned crypto analyst Pruden provided an in-depth analysis of Fantom’s price movements on the weekly chart, offering insights into the token’s recent performance and potential future trajectory.
The analysis highlights Fantom’s remarkable price history, including a significant rally that reached its all-time high in late 2021 or early 2022, followed by a sharp correction and prolonged downtrend. Recently, the cryptocurrency has shown signs of recovery, consolidating around the $0.26 support level before initiating a notable uptrend.
Pruden’s analysis identifies several critical price levels. The breakout above the $1.229 resistance is particularly significant, suggesting a potential shift from a bearish to a bullish market sentiment. The next potential resistance levels are marked at $2.081 and $3.689 – the latter representing the previous all-time high.
The chart indicates a transition from a downtrend to an uptrend, with the breakout above $1.229 signaling strong bullish momentum. While volume data was not explicitly detailed, the price action suggests increasing buying pressure.
Pruden’s tweet analysis further reinforces the optimistic outlook, hinting at a potential short-term price target of $2 and suggesting the possibility of a parabolic rally that could challenge the previous all-time high.
Read also: Analyst Calls Kaspa a ‘Better Bitcoin’ – Here’s Why KAS Is Groundbreaking
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