The price of Fantom (FTM) is in the spotlight as its newly rebranded protocol, the Sonic Chain, unveiled a new milestone. Over the past 24 hours, FTM price has rebounded and has now crossed the $0.7 resistance level per current market data. Drawing on the Sonic hype, this current Fantom rebound might usher in more uptick soon.
The Sonic Chain Milestone and Ecosystem Trend
According to Sonic Chain’s update, it has reached the $100 million Total Value Locked (TVL) milestone. The protocol recorded this milestone in less than 6 weeks since the Sonic Genesis block went live.
$100 Million TVL. pic.twitter.com/UKICYqrv0k
— Sonic Labs (@SonicLabs) January 11, 2025
While this milestone is significant, it is not the first for the protocol. Per an earlier update from Coingape, Sonic Chain breached the 1 million block milestone about 3 weeks after it launched.
The total value locked is a metric that depicts the cumulative amount of capital resident on the blockchain. Since its inception, Sonic Labs, the previous Fantom, has released some Decentralized Applications (DApps) on the protocol.
An Ethereum bridge went live in late December 2024 to chart a strong foundation for the network.
Implication for Fantom Price
While the Sonic Chain has its native token, S, most of the advances within its ecosystem impact Fantom’s price the most.
When writing, the coin changed hands for $0.7206, up by 2.82% in the past 24 hours. Amid the drawdown of the past week, the price of FTM jumped from a low of $0.6929 to a high of $0.7296 before resting at its current level.
Fantom had a rocky year in 2024, with a combined growth of 71%. This 52-week growth rate pales compared to its core rivals like Solana (SOL), which has jumped 90%.
Meanwhile, Sonic Labs seeks to change the future for Fantom through the new chain. With better speed, connectivity, and a robust ecosystem, the expectation is that FTM may breach the $1 mark in the short term.
The Altcoin Season Advantage
Amid the push for relevance in the broader blockchain ecosystem, Sonic Chain and Fantom may benefit from the price surge the expected altcoin season might usher in soon.
In a recent update, Santiment data shows HODLer count growth for Ethereum, Dogecoin, and other top altcoins. This metric shows a broader market confidence for these chains, a trend that may impact Fantom if it persists.
In addition, the incoming Donald Trump administration is poised to benefit altcoins, considering the President-elect’s family is pro-DeFi.
The post Fantom Price Rebounds As Sonic Chain Hit $100M TVL Milestone appeared first on CoinGape.
