The market opened today with enthusiasm, seeing a recovery after last week’s slide. According to CoinGecko, the entire market is rose more than 3% today. This has caused the bulls to break through the bearish momentum, pushing several altcoins to the top of the list. Fantom is one of those tokens that are expecting a bullish reversal. Last week, FTM dropped by almost 10%, but the bulls recovered initiative and the token is up almost 6% today. This, along with an upcoming launch, could give investors and traders a boost in the market.
Related Reading
Magic is in the air with the Fantom/Sonic x Alchemy partnership
Last Saturday, July 27th, the Fantom Foundation and Sonic Labs started a X transmitted with Alchemy, a blockchain infrastructure company, discussing the pros of partnership between organizations.
🎙️ WE ARE LIVE w/ @AlchemyPlatform to discuss our partnership and its benefits for Opera users/developers and #Sonic!
🤝 Guests:@BeingDanNolan (Alchemy) + @SjHarcourt (Fantom/Sonic Labs)https://t.co/HyzcL0AO2h
– Fantom Foundation (Sonic Labs coming soon) (@FantomFDN) July 26, 2024
The partnership was first announced on Fantom’s blog in early July, citing that Alchemy’s expertise in the blockchain infrastructure domain makes it the ideal partner for the Sonic launch.
According to the announcement, Alchemy will be boosting the Sonic Incentive Program, giving developers access to $5,000 to help with the development of the next Sonic platform. This means that developers who need help finding funding for their projects will have an easier time developing the next platform.
The incentive program is part of the broader $200 million Innovator S token fund to help kickstart Opera’s transition to Sonic.
Sonic’s great potential
With Alchemy professionals on the board, Fantom Foundation’s Sonic will have great performance, which, according to Sonic Labs’ Sam Harcourt, could lead to Sonic performing transactions in less than a second, with “hundreds of millions of transactions per day.”
Sonic will also provide another revenue stream for developers as it will allow them to receive 90% of the gas fees on the platform to boost revenue.
Promises aside, the announcements have given investors and traders something to hold onto. Improvements to Fantom’s overall infrastructure will lead to a better user experience, leading to more users signing up and more developers seeing value in the platform.
Related Reading
This news may not be enough…
Although the market is bullish, FTM’s current position is weak as bears continue to hold the remaining momentum.
This will make the bulls more aggressive in the short to medium term, following the general market advance that occurred today and will likely continue until the end of the week.
However, the bulls will have some difficulty consolidating their position in the long term. FTM’s poor performance last month led to its stagnation in July, prompting some investors and traders to move their money elsewhere.
If the bulls manage to maintain their stable position, FTM could reclaim $0.6165 in the medium to long term.
Featured image from Fantom, chart from TradingView