CandleFocus

FTM jumps 12% as Sonic Labs targets $11T lending market with new blockchain feature

Author: Content Editor
The native token of Fantom, FTM, has seen a surge of over 12% in the past day, making it the top-performing cryptocurrency among the top 100 digital assets. The price of FTM rose from $0.43 to $0.48, its highest since Aug. 27, and its market capitalization reached $1.36 billion. The rally was fueled by a strategic update from Sonic Labs, with plans to introduce credit scores for digital wallets, targeting the global unsecured lending market. The release of Sonic's testnet, achieving fast transaction finality, also contributed to the price increase. Trading volume and investor activity have doubled, indicating bullish momentum for FTM. The token is approaching the upper Bollinger Band and has room for further growth. The resistance to watch is at $0.5296, with the potential for further gains up to $0.60 or even $1. Liquidation thresholds are at $0.471 and $0.503, which could trigger liquidations of positions. At present, bears are in control, potentially leading to the liquidation of long positions at lower levels.

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