The recently rebranded Sonic Chain protocol has achieved a significant milestone, impacting the Fantom (FTM) price, associated with surpassing the $0.7 resistance level.
Sonic Chain Milestone and Ecosystem Trends
According to Sonic Chain’s update, the protocol has reached a Total Value Locked (TVL) of $100 million just six weeks after the launch of the Sonic Genesis block. This is a significant achievement for the protocol, having previously reached one million blocks within about three weeks after its launch. TVL is a metric indicating the total amount of capital on the blockchain. Sonic Labs has launched various Decentralized Applications (DApps) on this protocol, which laid the foundation for the Ethereum bridge in December 2024.
Impacts on Fantom’s Price
Despite Sonic Chain having its own token S, developments within the ecosystem are influencing Fantom’s price more significantly. The token is currently trading at $0.7206, reflecting a 2.82% increase over the past 24 hours. Following last week's price drop to $0.6929, it increased to $0.7296 and is currently stabilizing at this level. Fantom has experienced total growth of 71% in 2024, lower compared to competitors like Solana, which saw a 90% increase.
Market Outlook and Expectations
Sonic Chain and Fantom expect to benefit from anticipated price increases during the upcoming altcoin season. According to Santiment data, there is an increase in the number of holders for Ethereum, Dogecoin, and other leading altcoins, reflecting broader market confidence in these chains. This trend could influence Fantom if it continues. Additionally, with potential DeFi-friendly governance under Donald Trump's administration, expectations for altcoins are also rising. The recent developments of Fantom and Sonic Chain allow them to progress in the crypto market, raising traders' hopes for positive impacts on FTM’s price.
The successes of Fantom and Sonic Chain, along with the anticipated altcoin season, may strengthen their positions in the cryptocurrency market.