FTM soars 21% amid Sonic mainnet launch hype

Fantom’s FTM emerged as the leading gainer among the top 100 cryptocurrencies by market cap amid community hype regarding the launch of its Sonic mainnet and a significant rise in whale investment.

The altcoin has been rising for five consecutive days, locking over 56.47% gains in the past week. Despite this, FTM is still down 68.84% from its all-time high of $3.46 in October 2021.

Why is Fantom rising?

With the Sonic upgrade, Fantom developers aim to boost its position in the DeFi industry. Data from DeFi Llama shows that the total value locked in the ecosystem has dropped to $312.39 million from a record high of over $15 billion.

FTM faces resistance at $1.13

With growing interest from the crypto community, analysts on X expect the rally to continue if the altcoin manages to breach a key resistance level.

On the 1-day FTM/USDT chart, the Relative Strength Index at 70 suggests the price could pull back in the short term. However, the Moving Average Convergence Divergence shows the MACD line well above the signal line, indicating that the bullish trend remains strong and could sustain the rally despite overbought conditions.

Given the extended nature of the recent rally, FTM could retrace to the $1.00-$1.02 support zone before attempting further upside. If the bullish momentum continues, the next key resistance lies around $1.13-$1.20.