Fantom (FTM) has enjoyed a spectacular 23% price increase, reaching intraday highs of $0.985 in early Saturday trade. Given that the cryptocurrency market appears to be overheating following spectacular gains across the board, FTM's recent performance has caught the attention of many.
The previous day saw a big drop in the cryptocurrency market, which coincided with profit-taking, with majors reporting losses ranging from 7% to 15%.
However, Fantom's performance stands out, as it was able to close out crypto's red day in green. Despite falling to lows of $0.722 on March 15, Fantom sharply rebounded and was sustaining gains even until press time.
If today closes in green, Fantom would mark its second day of gains in contrast to other cryptocurrencies that were sustaining losses at press time.
Fantom (FTM) is currently trading at $0.903, up 18.09% in the last 24 hours, and 13% in the last seven days. This surge has propelled FTM to 48th place, with a market capitalization of $2.53 billion, solidifying its position among the top 100 cryptocurrencies by market value.
As Fantom shows upward momentum, crypto analyst Ali shares a bold target for Fantom's price, suggesting that FTM could reach $1.44 shortly. To back his assertion, Ali shares his earlier prediction on FTM, which turned true.
Ali pointed out then that Fantom was consolidating at the bottom, with a sustained weekly close above $0.57 having the potential to catapult FTM to $0.87. True to form, FTM saw a breakout, hitting highs of $0.985 in today's trading session.
Fantom anticipates major release
Excitement brews as the Fantom Sonic mainnet is on the horizon; already some of the Fantom Foundation’s archive nodes on the current mainnet have been upgraded to Sonic, achieving a 95% operational cost reduction.
Fantom shares highlights of the incredible performance seen from the Sonic closed testnet over the last few months in preparation for the highly anticipated launch.
Nearly 2,000 TPS have been achieved at almost one-second finality. With ERC-20 swap and transfer transactions, 4,000 TPS at almost 1.3 seconds finality and 10,000 TPS at almost 1.6 seconds finality were achieved.