Fantom’s new Sonic technology boosts platform scalability, processing up to 2,000 transactions per second with rapid finality. Following a 20% surge in FTM price to $1.22 on Monday, March 25, driven by this development, the rally is expected to continue past $2.
Currently, FTM is trading at $1.15, up 4.63%, with a market cap of $3.22 billion. Daily trading volume has surged by 80% to $535 million.
Fantom Unveils Sonic Technology for Blockchain Scalability
In a groundbreaking move, Fantom announced the development of Sonic technology to revolutionize blockchain scalability. This innovation is the result of meticulous research and development, building upon the foundation laid by the initial Opera network released in December 2019.
Led by visionary Andre Cronje and his dedicated technical team, the Opera network marked a significant milestone as the first permissionless Directed Acyclic Graph (DAG)-based protocol. It boasted impressive achievements, such as a maximum throughput of nearly 200 transactions per second (TPS) and sub-600ms finality, showcasing vast improvements in scalability and transaction speed compared to Ethereum.
Despite its success, the Opera network faced challenges during periods of high demand, leading to congestion and compromised user experience. In response, the Fantom team embarked on a two-year journey to develop Sonic technology, aiming to overcome these limitations and usher in a new era of blockchain scalability.
Sonic represents a monumental leap forward, with the capacity to process up to 2,000 TPS at sub-second finality. This advancement underscores Fantom’s commitment to innovation and establishes a new standard for blockchain infrastructure.
With Sonic’s unparalleled technical capabilities, Fantom aims to establish a new standard for blockchain infrastructure. Furthermore, the technology will serve as the foundation for a shared sequencer, capable of processing over 180 million daily transactions with real-time confirmation.
FTM Shows Signs of Accumulation and Positive Market Sentiment
In recent days, there has been a notable decrease in the available supply of FTM among traders, signaling a shift towards accumulation by mid-term and long-term holders. This trend reflects growing confidence in the future potential of FTM.
Despite being in the overbought zone, FTM’s price remains supported by positive market sentiment, highlighted by its 7-day Relative Strength Index (RSI) showing high investor interest. Additionally, the bullish trajectory suggested by the Exponential Moving Average (EMA) lines hints at the possibility of FTM reaching a 2-year high in the near term.
Courtesy: Santiment
Currently, the FTM 7-day RSI stands at 77, slightly lower than the previous week’s 81, indicating a marginal decline. However, historical data suggests that FTM’s price has continued to climb for extended periods, even when the RSI indicated overbought conditions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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