Bittime - Fantom launched a Sonic upgrade with the aim of improving performance and community participation in its mainnet. These improvements promise:
- Improved transaction results: Speed up and simplify the transaction process in the Fantom network.
- Simplified staking: Makes the staking process easier for users and improves accessibility.
- A more community-centric mainnet: Giving the community a greater role in Fantom development and decision-making.
The Sonic testnet was successfully completed last week with promising results. This increases optimism regarding the positive impact of this upgrade on the Fantom mainnet.
Significant Enhancement of Sonic's Abilities
Sonic shows significant improvements in terms of his abilities. In the testnet, Sonic was able to process 2,000 transactions per second with realistic traffic and finality of less than one second.
This capability is a big leap compared to current technology, Opera, which is only capable of reaching a maximum of 200 transactions per second.
Sonic also offers much higher network storage efficiency. By using a new database storage called Carmen, Sonic was able to reduce network storage requirements by up to 90%.
Check Today's Crypto Market
Fantom Mainnet Upgrade Is Urgently Necessary
The Fantom mainnet is currently experiencing a decline in attractiveness for new projects. This can be seen from the significant decline in Total Value Locked (TVL), from a peak of $8.72 billion in March 2022 to $208 million currently.
Despite declining interest in Fantom, the price of the FTM token (Fantom) shows positive performance in 2024, with an increase of more than 130%.
Also read: Wormhole Takes Solana by storm with $3 Billion Debut: What Do You Need to Know?
Current $FTM Price
The price of $FTM, Fantom's native token, has more than doubled this year. Despite a slowdown in the past week, Sonic's launch could be the boost needed to break through the current price resistance.
Fantom ($FTM) Price Prediction: Correction Ahead?
Based on daily time frame technical analysis, Fantom (FTM) price is currently in wave three of five waves of an upward movement (depicted in white).
The sub-wave calculation (black) shows that FTM is approaching the peak of wave three or has entered wave four.
How to Buy Crypto
RSI Indicator On Fantom ($FTM)
The daily RSI indicator shows a bearish divergence (green). This divergence occurs when price momentum decreases while prices are rising, and often signals an impending price correction.
The MACD indicator has also just formed a bearish cross (red icon), strengthening the correction signal.
Based on the readings of these indicators, there is a possibility that FTM has started wave four and will experience a short-term correction. The Fibonacci retracement support level of 0.382 is the predicted correction target.
Fantom Price Correction ($FTM)
Quoted from CCN, despite the current correction, the long-term trend of this asset still shows optimism. It is estimated that after the correction is complete, there will be another upward movement which will signal the end of the third wave.
The most likely target for this move is between $1.45 and $1.55, based on the long-term Fibonacci resistance level (red) and the short-term Fibonacci extension (white).
Check Crypto Prices Today:
Short Term Corrections and Potential Long Term Gains
FTM price is showing signs of temporary correction after experiencing a significant increase. This correction can be seen as an opportunity to enter the market before the bullish trend continues to higher levels.
Conclusion
It is predicted that the launch of a more optimal Sonic mainnet will encourage an upward trend in FTM prices. Sonic mainnet will improve the scalability and efficiency of the FTM network, making it more attractive to users and developers.
Overall, despite the potential for a short-term correction, the long-term outlook for FTM looks positive.
The launch of Sonic mainnet and other fundamental factors could push the FTM price to higher levels in the long term.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
DeMR, DePIN Project on Solana Network Releases Roadmap for Q2
Ripple Stablecoin: Everything You Need to Know is Here
CEO Hut 8: Bitcoin Mining Company Bankruptcies Will Be Rare in the Coming Year
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.