- Fantom will upgrade to a faster and cheaper Sonic mainnet.
- Will a short squeeze push FTM above the $1.6 roadblock?
On December 15, Phantom [FTM] Pumped 16% ahead of a major upgrade and rebrand to Sonic [S] this week.
The upgrade will make the L1 blockchain faster, cheaper and developer-friendly. All this will make it more competitive against rivals like Solana [SOL], Ethereum [ETH]And Avalanche [AVAX].
By the way, the new token, Sonic [S]will be exchanged 1:1 to FTM to maintain value. Will the new story increase the value of the token?
Phantom [FTM] crypto price prediction
Source: FTM/USDT, TradingView
On the 3-day chart, FTM was defending the March highs at $1.2 as support and was in a bullish market structure. This could encourage bulls to view upside price targets of $1.6 or $2.38.
The RSI climbed into overbought territory, highlighting strong demand for FTM in recent days. The positive inflows, as reflected in the CMF (Chaikin Money Flow), could be a further indication of the demand for FTM.
But converting $1.6 into support could increase FTM’s chances of advancing on the upgrade.
Mixed whale signals
Source: Santiment
In the last 10 trading days, whales with 10M-100M FTM have acquired 24M tokens. But another whale cohort with 1M-10M tokens has been sold.
The 10M-100M whale wallets held almost 500 million FTM, twice as much as the 1M-10M whale wallets, which had 210 million tokens.
Thus, the wave of accumulation through the dominant whale category suggested a bullish belief on the mark.
Read Phantom [FTM] Price prediction 2024-2025
Meanwhile, the liquidation heatmap showed huge short liquidations of $1.5 (overhead clear levels) and long liquidations of $1.38. In most cases, price action always follows liquidity.
Source: Coinglass
Through a liquidity study, the price of FTM could therefore tap into both liquidity areas. If that is the case, clearing the $1.6 roadblock could only be possible via a short squeeze above $1.5.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
Credit : ambcrypto.com
