Fantom’s (FTM) price has gained attention due to the recently rebranded protocol Sonic Chain reaching a significant milestone. In the past 24 hours, the FTM price has rebounded, surpassing the $0.7 resistance level according to current market data. The excitement surrounding Sonic is expected to drive further increases in the near future.
Sonic Chain Milestone and Ecosystem Trends
According to Sonic Chain’s update, it has achieved a Total Value Locked (TVL) of $100 million. The protocol reached this milestone in just six weeks following the launch of the Sonic Genesis block.
“$100 Million TVL.” — Sonic Labs
While this milestone is significant, it is not the first for the protocol. In a previous update, Sonic Chain reached the goal of 1 million blocks within approximately three weeks after its launch.
Total value locked is a metric that indicates the total amount of capital on the blockchain. Sonic Labs has launched various Decentralized Applications (DApps) on the protocol.
The protocol has laid a strong foundation for the network by launching the Ethereum 
$3,260 bridge in December 2024.
Impacts on Fantom’s Price
Despite Sonic Chain having its native token S, developments within the ecosystem are influencing Fantom’s price more significantly. At the time of writing, the token is trading at $0.7206, reflecting a 2.82% increase in the past 24 hours. Following a drop last week, the FTM price increased from $0.6929 to $0.7296 and is currently stabilizing at this level.
Fantom has experienced a total growth of 71% in 2024. This 52-week growth rate is lower compared to competitors like Solana 
$188 (SOL), which saw a 90% increase.
Amid efforts to gain importance in the vast blockchain ecosystem, both Sonic Chain and Fantom can benefit from the anticipated price increases of the upcoming altcoin season. According to a recent update, Santiment data shows an increase in the number of HODLers for Ethereum, Dogecoin 
$0.602377, and other leading altcoins. This metric reflects broader market confidence in these chains and could influence Fantom if the trend continues.
Additionally, with the potential for DeFi-friendly governance under Donald Trump’s administration, altcoins are expected to benefit.
The recent developments of Fantom and Sonic Chain allow them to progress remarkably in the crypto market. Traders hope that improvements within the ecosystem will have positive impacts on FTM’s price.
Fantom’s successes with Sonic Chain and the anticipated altcoin season may contribute to its notable position in the crypto market.
