29 July 2024
The market opened today with enthusiasm, seeing a rebound after last week’s slippage. According to CoinGecko, the entire market is up more than 3% today. This led to the bulls overtaking the bearish momentum, pulling several altcoins to the top of the list. Fantom is one of those tokens hoping for a bullish reversal. Last week, FTM was down nearly 10%, but bulls regained initiative and the token is up almost 6% today. This, along with an upcoming release might make investors and traders buy into the market’s bullishness.
Magic Is In The Air With Fantom/Sonic x Alchemy Partnership
Last Saturday, July 27th, the Fantom Foundation and Sonic Labs started an X broadcast with Alchemy, a blockchain infrastructure company, discussing the pros of the partnership between the organizations.
WE’RE LIVE w/ @AlchemyPlatform to discuss our partnership and its benefits for users/developers on Opera and #Sonic!
Guests:@BeingDanNolan (Alchemy) + @SjHarcourt (Fantom/Sonic Labs)https://t.co/HyzcL0AO2h
— Fantom Foundation (Sonic Labs Coming Soon) (@FantomFDN) July 26, 2024
The partnership was first announced on Fantom’s blog in the early half of July, citing that Alchemy’s expertise in the blockchain infrastructure realm makes them the ideal partner for Sonic’s launch.
According to the broadcast, Alchemy will power the Sonic Incentive Program, giving developers access to $5,000 to help with development on the upcoming Sonic platform. This means developers needing help finding funds for their projects will have an easier time building on the upcoming platform.
The incentive program is part of the broader 200 million $S token Innovator fund to help kickstart the transition from Opera to Sonic.
Sonic’s Big Potential
With Alchemy’s pros on the board, Fantom Foundation’s Sonic will have great performance, which according to Sam Harcourt of Sonic Labs, might lead to Sonic performing sub-second transaction finality, with “100s of millions of daily transactions.”
Sonic will also give another revenue stream for developers as it will allow them to collect 90% of the gas fees on the platform to boost revenue.
Promises aside, the announcements gave investors and traders something to hold on to. Improvements in the overall infrastructure of Fantom will lead to a better user experience, leading to more users signing up and more developers seeing value in the platform.
This News Might Not Be Enough…
Although the market is bullish, FTM’s current position is weak with the bears continuing to hold on to their remaining momentum.
This will make the bulls more aggressive in the short to medium term, following the general market breakthrough that occurred today and will likely continue until the end of the week.
However, the bulls will have some difficulty in consolidating their position in the long run. FTM’s poor performance in the past month led to its stagnancy this July, leading to some investors and traders moving their money elsewhere.
If the bulls can maintain their steady ground, FTM might regain $0.6165 in the medium to long term.
Featured image from Fantom, chart from TradingView