- Fantom will upgrade to a faster and cheaper Sonic mainnet.
- Will a short squeeze push FTM above the $1.6 roadblock?
On the 15th of December, Fantom [FTM] pumped 16% ahead of a major upgrade and rebranding to Sonic [S] this week.
The upgrade will make the L1 blockchain faster, cheaper, and developer-friendly. All these will make it more competitive against rivals like Solana [SOL], Ethereum [ETH], and Avalanche [AVAX].
Besides, the new token, Sonic [S], will be swapped 1:1 to FTM to maintain value. Will the new narrative boost the token’s value?
Fantom [FTM] crypto price prediction
Source: FTM/USDT, TradingView
On the 3-day chart, FTM defended the March highs of $1.2 as support and was in a bullish market structure. This could embolden bulls to eye upside targets at $1.6 or $2.38.
The RSI climbed to the overbought territory, underscoring strong demand for FTM in the past few days. The positive inflows, as shown by the CMF (Chaikin Money Flow), could further indicate demand for FTM.
But flipping $1.6 into support could accelerate FTM’s odds of pushing higher ahead of the upgrade.
