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Fantom outperforms top altcoins amid new Sonic Network details

on May 18, 2024
  • Fantom Foundation announced new details of its Sonic Network.
  • Sonic is a new layer 1 blockchain with the native token $S.
  • The news lifted $FTM, which jumped more than 25% this week to reach highs of $0.89.

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Fantom ($FTM) is today’s biggest gainer among the top 100 coins.

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This comes after the week’s positive flip for Bitcoin, which followed the CPI report and spot Bitcoin ETFs news, also saw leading altcoins pick slight gains.

As BTC rose to highs above $67k, Ethereum flipped higher to break $3,100 and Solana breached resistance at $174.

But the biggest gainer in the top 100 cryptocurrencies by market cap this week is Fantom ($FTM). The altcoin’s price has jumped more than 11% in 24 hours to hit $0.89 early Saturday. Over the past week, Fantom price has increased 25%.

Fantom reveals more details about Sonic Network

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On May 17, the Fantom Foundation announced more details about Sonic Network, a new Layer-1 blockchain that will connect to Ethereum via native layer-2 bridge.

After the Sonic upgrade milestone hit last month, this is another big development for Fantom. Notably, the Sonic Network will have its native token as $S.

Sonic chain will not just offer integration with native $ETH, but also bring the benefits of scalability, speed and low cost to users.

At its launch, Sonic Network’s total supply will match that of Fantom, allowing holders of $FTM to migrate the tokens to $S at the ratio of 1:1.

While the migration will initially be bi-directional, the end of the transitional period will see this become one-way for $FTM to $S.

$FTM price surges on Sonic upgrade news

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$FTM price traded at lows of $0.64 earlier in the week after sell-off pressure across the crypto market pushed most coins lower. For Fantom, the declines to the weekly lows followed a rejection near the $0.75 area.

Bulls have shown remarkable resolve and pushed prices beyond the hurdle. The bullish reversal seen over the past three days has also resulted in the retesting and setting up of $0.79 as a key support zone.

While the jump in Fantom price came as Bitcoin broke above $67k to boost bulls across the market, $FTM’s spike has its momentum down to the highlighted development.

This new bullish sentiment around Fantom and the ecosystem could catalyse more upward movement for $FTM price. A move to $1 could strengthen bulls’ resolve.

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