- Potential retracement offers buying opportunity before an anticipated breakout.
- Fantom (FTM) has rebranded to Sonic, marking a new phase for the platform.
- S token shows strength and positive chart indicators, but needs to overcome resistance.
Fantom (FTM), the leading blockchain platform, has rebranded to Sonic (S), ushering a new chapter in its development. The rebranding announcement comes amidst a resurgence in the token’s price action, sparking renewed interest within the cryptocurrency community.
Currently, all circulating FTM tokens have been transitioned to the new S ticker. This migration was executed seamlessly, ensuring that token holders experienced a smooth and uncomplicated changeover.
Despite the encouraging developments, technical analysis reveals that S still has certain resistance levels to overcome before a substantial breakout can be confirmed. The immediate hurdle lies in flipping the blue resistance level shown on the 4-hour chart. Successfully breaching this resistance could signal the start of a significant upward trend.
However, if S fails to break through the blue resistance, analysts predict a potential correction. This retracement would offer traders another opportunity to accumulate S tokens at lower prices within the established range.
Such a scenario would allow investors to strategically position themselves for the anticipated breakout. The potential for a short-term decline before a major price surge highlights the dynamic nature of the cryptocurrency market.
At press time, S is surging, trading around $0.58, over 25% increase in 24 hours. The rebranded token is showing strong momentum as the platform aims for a fresh start.
Sonic (S) Reaches Top 20 in TVL, a New FTM?
In other news, Sonic has climbed to 19th place in total value locked (TVL) across all chains. This milestone is a reminder of the Fantom’s TVL surpassing BNB, indicating Sonic’s potential for significant growth and impact within the DeFi space. The rebranded token and rising TVL suggest a promising future for the platform.
Coupled with the token’s positive price action and potential for future growth, S is a noteworthy project in the evolving blockchain space. The upcoming days will be crucial in determining whether S can successfully overcome the identified resistance levels and fulfill its potential for a significant breakout.