Amidst the current uncertainties prevailing in the market, Fantom’s native cryptocurrency, FTM, has started gaining notable traction and attention from crypto enthusiasts.
On the 24th of December, Binance, recognized as the largest cryptocurrency exchange globally, released a statement announcing its support for Fantom’s rebranding initiative and token swap process.
What Lies Ahead for FTM?
As per the latest report, Fantom is gearing up to undergo a rebranding transformation, adopting the name Sonic (S) in early January 2025. In the wake of this rebranding unveiling, Binance has revealed its decision to temporarily suspend deposits and withdrawals of FTM. Moreover, Binance plans to delist all trading pairs associated with FTM, such as FTM/BTC, FTM/USDT, and FTM/ETH, effectual from January 13, 2025, at 3:30 UTC.
Furthermore, the FTM token will be transitioning to the ticker symbol “S” on Binance.
Post the completion of the rebranding process, Binance will initiate trading for the S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT pairs starting from January 16, 2025, at 8:00 UTC.
Since the announcement, concerns have been raised by traders and investors regarding the potential impact on the price of FTM. However, the report has indicated that all FTM tokens will be seamlessly swapped to S at a 1:1 ratio. This transition implies that the price may not be significantly affected.
At the latest check, FTM was trading close to $1, exhibiting a slight decline of 0.35% over the past 24 hours. Concurrently, the trading volume has surged by 37% during the same timeframe, signifying heightened engagement from traders and investors post the announcement.
Fantom’s Technical Analysis and Significant Levels
According to the technical analysis by CryptoCrypto, FTM is currently positioned at a pivotal support level of $0.95.
Based on recent price movements and historical patterns, maintaining this support level could potentially propel the altcoin by 40% towards the succeeding resistance level marked at $1.43 in the foreseeable future.
Alternatively, failing to uphold the $0.95 support level and registering a daily candle close beneath $0.91 may trigger a 30% downturn, targeting the subsequent support level at $0.64.
Given the price action around these critical support levels, traders and investors might encounter promising buying or selling opportunities.
FTM’s Positive On-Chain Data
Although the community’s stance, encompassing both traders and long-term holders, appears neutral in the aftermath of this announcement, there is a consistent trend of accumulating tokens and establishing new positions as per insights from the on-chain analytics firm Coinglass.
Observations from FTM spot inflow/outflow suggest a substantial outflow of $9.5 million worth of FTM tokens from exchanges in the past 24 hours.
This significant outflow indicates that long-term holders have been transferring tokens from exchange wallets to personal storage, hinting at potential upward momentum and a ripe buying opportunity.
In parallel, FTM Open Interest (OI) has witnessed a 14% surge, marking the emergence of fresh positions and heightened trader participation in the past day.
When merging these on-chain metrics with the technical evaluation, there are no gloomy indicators, indicating potential upward momentum in the imminent days.