Fantom Outperforms Major Altcoins Amid New Sonic Network Details By Invezz.com

Fantom Outperforms Major Altcoins Amid New Sonic Network Details By Invezz.com
Fantom Outperforms Major Altcoins Amid New Sonic Network Details By Invezz.com

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

This comes after the week’s positive turn for , which followed the CPI report and Bitcoin ETF news, and also saw major altcoins make slight gains.

When it rose to highs above $67,000, it rose to surpass $3,100 and surpassed the resistance at $174.

But the biggest winner among the top 100 cryptocurrencies by market cap this week is Fantom ($FTM). The price of the altcoin has risen more than 11% in 24 hours to reach $0.89 early Saturday morning. Over the past week, the price of Fantom increased by 25%.

Fantom reveals more details about Sonic Network

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

After Sonic’s update milestone reached last month, this is another big step forward for Fantom. In particular, Sonic Network will have its native token as $S.

Sonic Chain will not only offer integration with native $ETH, but will also provide scalability, speed, and low-cost benefits to users.

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

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While the migration will initially be bidirectional, at the end of the transition period it will become unidirectional from $FTM to $S.

$FTM price surges on Sonic upgrade news

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

The bulls have shown remarkable resolve and pushed prices past the hurdle. The bullish reversal seen over the past three days has also resulted in the retest and establishment of $0.79 as a key support zone.

While the jump in Fantom price came as Bitcoin surpassed $67,000 to fuel bulls across the market, the rise of $FTM gets its boost from the notable development.

This new bullish sentiment around Fantom and the ecosystem could catalyze further upward movement in the price of $FTM. A move to $1 could strengthen the resolve of the bulls.

The post Fantom Overtakes Major Altcoins Amid New Sonic Network Details appeared first on Invezz

This article was originally published by Invezz.com

 
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