Fantom Foundation’s Sonic Testnet Goes Live: How Did FTM React? 😵

Fantom Foundation recently launched its Sonic Testnet, aiming to enhance smart contract execution in the DeFi ecosystem. The update brings several improvements, but how did FTM (Fantom's token) react in the market?

- FTM's Price Movement:

- FTM's price was around $0.22 but remained dependent on buying strength and money flow.
- Despite high expectations, the token's value didn't see a significant change after the Sonic Testnet announcement.
- In the last 24 hours, FTM's value stayed at $0.22, but it had experienced a 29% increase over the previous seven days.

- Increased Open Interest:

- The rise in open interest could indicate growing demand in contracts linked to FTM.
- The Chaikin Money Flow (CMF) was 0.05, suggesting ongoing buying pressure.

- Factors Affecting FTM's Price:

- The price initially fell from $0.23 after the Sonic Testnet announcement, possibly due to a "buy the rumor, sell the news" scenario.
- The Relative Strength Index (RSI) was at 64.05, indicating potential buyer fatigue.
- The RSI might drop below 60, leading to a potential price decrease to $0.20, while a renewed buying pressure could push FTM to $0.24.

- Traders' Optimism:

- Despite FTM's price stability, traders remain hopeful about profiting from its movement.
- Rising open interest suggests a belief in FTM's potential for profit.

In Summary:

The launch of Fantom Foundation's Sonic Testnet did not immediately boost FTM's price, possibly due to market dynamics. However, the token remains promising, and traders are watching for potential opportunities. The Sonic Testnet is expected to remain open until the end of the year, with the Mainnet scheduled for spring 2024.

#FANTOM #FTM $FTM #SonicTestnet

$FTM BANK

- Financial Decentralization
- Global Accessibility
- Enhanced Security
- Transparency
- Transaction Speed ($fsonic)
- Cost Reduction
- Financial Innovation
- Individual Control
- Adaptability to Changing Needs

#fantom #SonicTestnet