Fantom‘s native asset FTM has seen a notable rise in the last 24 hours, surging over 20% to reach $1.22. This price increase coincided with the announcement of a groundbreaking development aimed at enhancing the scalability of the Fantom network, the Fantom Sonic technology. Currently, FTM is trading at $1.15 with a market capitalization of $3.22 billion, and its daily trading volume has increased by 80%, reaching $535 million.
Fantom Unveils Sonic Technology for Blockchain Scalability
Fantom announced the introduction of Sonic technology, a significant milestone in blockchain scalability. Developed by a dedicated technical team led by visionary Andre Cronje, Sonic builds upon the foundation laid by the first Opera network, which launched the first unsupervised Directed Acyclic Graph (DAG) based protocol in December 2019.
Despite Opera’s success, high demand periods revealed issues that led to a two-year development period for Sonic to overcome limitations and enhance user experience.
Sonic’s technology signifies a major leap with the capacity to process up to 2,000 transactions per second (TPS) with sub-second finality. This represents a significant improvement over Opera’s capabilities and underscores Fantom’s commitment to innovation. Sonic also sets a new standard for blockchain infrastructure, laying the groundwork for a common sequencer capable of processing over 180 million transactions daily with real-time confirmation.
FTM Price Forecast and Market Sentiment
Recent data indicates a decrease in the current supply of FTM among investors, suggesting a shift towards accumulation by medium and long-term investors.
Despite being in the overbought zone, FTM’s price continues to be supported by positive market sentiment, as indicated by the Relative Strength Index (RSI) during a 7-day period that shows high investor interest. Furthermore, the upward trajectory suggested by the Exponential Moving Average (EMA) lines points to FTM’s potential to reach around $1.6, its highest level in the last two years, in the short term.
