• Fantom rebrands to Sonic and FTM will swap 1:1 for Sonic (S) in January 2025.

  • Key support is at $0.95; failure to hold may lead to a 30% drop.

  • $9.5M outflow and 14% rise in open interest indicate potential upside.

Fantom is making significant strides in the crypto market. Recently, Binance announced support for Fantom’s rebrand and token swap. As the change approaches, many FTM holders are wondering whether to hold or sell. Let’s dive into what’s happening and what this could mean for the token's future.

https://twitter.com/CryptoAmb/status/1871874278225826249?t=6TXTt2bQdeDh_uD7pxsO9A&s=19 What’s Happening with FTM?

Fantom— FTM is rebranding as Sonic (S) in January 2025. Binance confirmed that it will stop deposits and withdrawals for FTM on January 13. This includes all FTM trading pairs, such as FTM/BTC, FTM/USDT, and FTM/ETH. After the rebranding, the new Sonic token will be available under the ticker S.

Each FTM token will swap 1:1 for S. Binance reassured users that this swap will not affect the token's price. The rebrand means a fresh start, but concerns remain. As of now, FTM trades near $1, with a slight drop of 0.35%. Trading volume, however, has surged by 37%, showing more activity in the market.

Technical Analysis: Key Levels to Watch

Currently, FTM sits at a crucial support level of $0.95. If this level holds, there’s a chance FTM could rise by 40%. The next resistance level is $1.43. However, if FTM falls below $0.91, a 30% drop to $0.64 could follow. These levels are important for traders looking for buy or sell opportunities.

On-chain data supports the potential for growth. In the last 24 hours, $9.5 million worth of FTM was moved off exchanges, suggesting long-term holders are bullish. Open interest (OI) also rose by 14%, signaling new positions are being formed.

Based on technical and on-chain data, there aren’t many signs of bearish movement. FTM holders could hold for future gains, especially if the support levels hold. However, monitoring key price levels is crucial. If FTM drops below $0.91, it might be a good time to sell.

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