#ReboundRally
Fantom will be renamed to Sonic (S) at the beginning of January 2025. Binance has announced support for the renaming and token swap of Fantom, and will temporarily suspend deposits as well as trading pairs of $FTM on January 13, 2025. After the renaming is completed, Binance will open trading pairs for S on January 16. Although the renaming has raised concerns about the price of $FTM, the tokens will be swapped at a ratio of 1:1, which is expected to have no significant impact on the price. Currently, $FTM is trading near 1 USD, with a price decrease of 0.35% in the last 24 hours, but trading volume has surged by 37%. Technical analysis shows that $FTM is at a critical support level of 0.95 USD, and if it can hold this support level, the price could increase by 40% to 1.43 USD. On-chain data shows significant flow of $FTM, indicating that long-term holders are transferring tokens to wallets, which may suggest bullish momentum.
