The market opened today with enthusiasm, recovering from last week’s slide. According to CoinGecko, the entire market It is up more than 3% today. This has caused bulls to overtake the bearish momentum, dragging several altcoins to the top of the list. Fantom is one of those coins that is hoping for a bullish reversal. Last week, FTM dropped by about 10%, but bulls Recovered The initiative and the token are up about 6% today. This, coupled with the upcoming release, could prompt investors and traders to buy the coin amid the bullish market trend.
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Magic is in the air with the Fantom/Sonic x Alchemy partnership.
Last Saturday, July 27, Fantom Foundation and Sonic Labs launched a project X broadcast with alchemy, Blockchain infrastructure company discusses the benefits of inter-organizational partnerships.
🎙️ We are live with @Chemistry Platform To discuss our partnership and its benefits for Opera users/developers and #My voice!
🤝 Guests:@BeingDanNolan (Chemistry) + @SjHarcourt (Phantom/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 first half of July, reports indicated that Alchemy’s expertise in blockchain infrastructure made it the ideal partner to launch Sonic.
According to the stream, Alchemy will be supporting the Sonic Incentive Program, giving developers access to $5,000 to help with development on the upcoming Sonic platform. This means that developers who need help finding funding for their projects will have an easier time building on the upcoming platform.
The incentive program is part of a broader $200 million Innovator Fund to help jumpstart the transformation from Opera to Sonic.
Sonic’s great potential
Thanks to Alchemy’s pros, Fantom Foundation’s Sonic will have incredible performance, which according to Sonic Labs’ Sam Harcourt, could lead to Sonic being able to complete transactions in less than a second, with “hundreds of millions of transactions per day.”
Sonic will also provide another revenue stream for developers as it will allow them to collect 90% of the gas fees on the platform to boost revenue.
Regardless of the promises, the announcements have given investors and traders something to hold on to. Improvements to Fantom’s overall infrastructure will lead to a better user experience, leading to more users signing up and more developers seeing value in the platform.
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This news may not be enough…
Although the market is bullish, the current FTM position is weak as bears continue to hold on to their remaining momentum.
This should make bulls more aggressive in the short to medium term, after the general market breakout that occurred today and is likely to continue until the end of the week.
However, bulls will have some difficulty consolidating their position in the long term. FTM’s poor performance last month led to a slump in July, prompting some investors and traders to move their money elsewhere.
If the bulls can maintain their stability, FTM could reclaim the $0.6165 level in the medium to long term.
Featured image by Fantom, chart by TradingView