- Fantom rose 20% in 24 hours, reaching $0.836 during Sonic’s rebrand and a 186% spike in active addresses.
- All eyes are on the critical resistance level at $0.84.
Phantom [FTM]has come into the spotlight after surging around 20% in the last 24 hours, pushing its price to $0.836 at the time of writing.
On the daily chart, altcoin is approaching a critical resistance level around $0.84, with high speculation about its next move.
The market is buzzing with the combination of technical and on-chain metrics fueling optimism for a potential breakout.
Source: TradingView
What’s behind the recent FTM rally?
FTM’s rebranding to Sonic has led to increased investor interest. This strategic change reflects changes in Fantom and aims to make the blockchain more attractive.
In addition to the rebrand, on-chain data from IntoTheBlock shows that active addresses increased by 186%. This increase indicates that more users are interacting with the Fantom network, indicating greater adoption and usability.
Source: IntoTheBlock
Adding to the rising trading activity is the decline in currency outflows since January 6. A reduction in outflows often indicates reduced selling pressure, which could create a favorable environment for continued FTM price growth.
TThe convergence of these sentiments suggests that FTM’s rally is not purely speculative, but is supported by evolving fundamentals.
Source: IntoTheBlock
Will the $0.84 resistance level hold?
The $0.84 level has proven to be a strong barrier to FTM’s previous rallies. Breaking this resistance could spark new upward momentum, potentially causing the altcoin to test the psychological $1 level.
However, if this critical hurdle is not cleared, Fantom’s price could retreat and test the support levels around $0.80.
What’s in store for the altcoin?
As Sonic’s rebranding catches the attention of market participants, broader adoption of FTM’s ecosystem may increase. The 186% spike in active addresses indicates growing network activity, which is a bullish indicator for FTM’s long-term growth.
Read Fantom’s [FTM] Price forecast 2024-25
In the short term, breaking $0.84 remains the crucial challenge for Fantom. If this works, FTM could do that rally to test higher resistance zones.
Currently, the altcoin trajectory depends on both technical momentum and continued positive sentiment surrounding Sonic’s rebrand.