The cryptocurrency market opened on a positive note today, with a rebound seen after a slight decline last week. According to CoinGecko, the entire market is up by over 3% today, leading to the bulls overtaking the bearish momentum. One of the tokens hoping for a bullish reversal is Fantom (FTM), which was down nearly 10% last week but has now surged by almost 6%. This positive momentum, combined with an upcoming release, has caught the attention of investors and traders looking to capitalize on the market’s bullishness.
Last Saturday, the Fantom Foundation and Sonic Labs began a broadcast with Alchemy, a blockchain infrastructure company, to discuss their partnership. The partnership, which was first announced on Fantom’s blog in early July, highlights Alchemy’s expertise in blockchain infrastructure as the ideal complement to Sonic’s launch. Through the partnership, Alchemy will power the Sonic Incentive Program, providing developers with access to $5,000 to aid in the development of the upcoming Sonic platform. This initiative is part of the broader 200 million $S token Innovator fund designed to kickstart the transition from Opera to Sonic.
With Alchemy’s support, Fantom Foundation’s Sonic platform is expected to deliver high performance, potentially enabling sub-second transaction finality and processing hundreds of millions of daily transactions. Additionally, developers on the platform will be able to collect 90% of the gas fees, creating an additional revenue stream. These developments have given investors and traders confidence in Fantom’s future, as improvements in infrastructure and user experience are expected to attract more users and developers to the platform.
Despite the overall bullish market sentiment, FTM’s current position is relatively weak, with bears still holding on to some momentum. While the market breakthrough today is expected to continue in the short to medium term, the bulls may face challenges consolidating their position in the long run. FTM’s lackluster performance in the past month has led to stagnation in July, prompting some investors and traders to reallocate their funds elsewhere. However, if the bulls can maintain their momentum, FTM may retrace to $0.6165 in the medium to long term.
In conclusion, the cryptocurrency market is showing signs of recovery, with Fantom and other altcoins experiencing bullish momentum. The partnership between Fantom Foundation, Sonic Labs, and Alchemy is poised to drive growth in the upcoming Sonic platform, offering incentives for developers and promising high transaction speeds. While challenges remain for FTM in the short term, the overall market sentiment is positive, with potential for further gains in the long run. Investors and traders are keeping a close eye on developments in the market and are considering opportunities to capitalize on the bullish trend.
