Last week, Fantom (FTM-USD) strengthened, gaining momentum after prices crossed above $1.00 on March 20, 2024. It gained 25% in the last week, easily outperforming the volatile Bitcoin (BTC-USD). Fortunately, for Bitcoin, it bounced from a $61,000 low earlier last week to rally sharply on Sunday.
Cryptocurrency investors who accumulated FTM at between 20 and 40 cents throughout the second half of 2023 may cash out for a five-fold return. Sending the holding to an exchange that may receive Opera chain Fantom is one option. The seller could avoid paying substantial exchange fees.
Others who view FTM’s breakout to above $1.00 may look forward to the next rally point at $1.20, $1.60, and $1.90. Those are Fantom’s mini-peaks in late 2021 to early 2022.
Weekly Outlook
Fantom holders may owe the unexpected rise to Crypto strategist Ali Martinez. He tweeted on March 16 that $1.44 is the next price target for FTM. On X, under the user name @ali-charts, he has 54,800 followers. In February, Martinez correctly predicted FTM’s bullish rally.
Cryptocurrency investors are quickly appreciating Fantom’s Sonic upgrade. It will validate the foundation’s solution for the blockchain trilemma in that it is a scalable L1. Readers may find Sonic’s merits on this page - https://fantom.foundation/sonicPage. It anticipates achieving over 2,000 transactions per second, one-second finality, and reduced storage requirements for the network by up to 90%.
