In the first half of January, the Fantom (now Sonic) price dropped by 12%, indicating bearish sentiments. However, the recent rebranding has led to a surge in social sentiment, suggesting potential growth.
Reasons for Fantom's Rebranding to Sonic
Fantom has rebranded to Sonic to shift its market position. The aim is to enhance community involvement and introduce new features, potentially increasing the token's usage and demand.
FTM Price Shows Volatility
The Fantom (now Sonic) price maintained above $0.70 with a daily trading volume of $7.556 million. With a market capitalization of $2.052 billion, it holds the 56th position. The rebranding to Sonic Chain has allowed the project to surpass $100 million in Total Value Locked (TVL), highlighting its success in a competitive blockchain environment.
Sonic Technical Sentiments
The Simple Moving Average (SMA) on the daily chart indicates a potential bullish trend for the altcoin. The RSI indicator also shows a steady rise toward the midpoint, suggesting continued momentum gain for the Sonic token.
If the crypto market remains favorable, Sonic's price could surpass $0.80, setting the stage to reach $1. Conversely, negative trends could see the price retesting $0.70 and further slipping to $0.65.
