The cryptocurrency market witnessed a remarkable performance from Sonic (S), formerly known as Fantom (FTM). The token recorded a stunning 54% surge over the past week. This impressive rally has positioned Sonic as a leading performer in the crypto space.
Post-Rebrand Success Story
Sonic’s transformation from Fantom has proven highly successful. The January 13 rebrand included a 1:1 token upgrade from FTM to S tokens. The token quickly reached new heights, touching $0.84 before a brief pullback.
The ecosystem shows strong fundamentals. Total Value Locked (TVL) grew by 300% in under two months. Current TVL stands at $635.31 million, up from $405.39 million last week. These metrics suggest growing investor confidence.
Technical Analysis and Market Position
Sonic broke free from its $0.40-$0.60 range this week. The token now trades at $0.86, marking a 66% monthly gain. Technical indicators show a rounded bottom formation, suggesting sustained upward momentum.
Key resistance levels lie ahead at $0.87 and $1.00. The token needs to maintain support at $0.60 to continue its upward trajectory. Short-term traders should note the TD Sequential’s sell signal on the 4-hour chart.
Competitive Advantages
Sonic offers unique advantages in the Layer-1 space. Unlike competitors Solana and SUI, Sonic features full token unlocking. The network delivers high throughput and fast settlement times. These features position Sonic as a strong alternative in the smart contract platform market.
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Market Outlook
Analysts remain optimistic about Sonic’s potential. The previous all-time high of $4 suggests significant upside potential. However, traders should prepare for possible profit-taking near current levels.
Tags: #Sonic #CryptoTrading #DeFi #Layer1 #BlockchainTechnology
Source: NewsBTC