Fantom (FTM) price surge as Sonic migration looms: is $1.20 next?

Fantom (FTM) price has been on an impressive bullish run, gaining significant traction in recent weeks.

In November alone, the cryptocurrency surged by 47.36%, marking its highest level in over eight months.

As the Fantom price broke through critical resistance levels, it reached the $1 mark, with some analysts predicting further upside toward $1.20, especially with the upcoming migration to the Sonic (S) token.

Fantom’s price surge from August’s low of $0.26

Fantom’s recent rally is part of a larger bullish trend that began after it hit a low of $0.26 in August.

Since then, FTM has consistently been in an upward trajectory, reaching $1 on November 24.

Fantom (FTM) price has experienced a series of impulsive waves, each higher than the last, suggesting that the overall trend remains positive.

The breakout above the $0.80 resistance level was a significant milestone, and Fantom has since tested the $1 mark, although it has faced some resistance in that range.

The price surge has been accompanied by an increase in trading volume, signalling heightened investor interest.

In fact, Fantom’s market value to realized value (MVRV) ratio has risen to 2.2138, the highest it has been since April.

This MVRV ratio increase reflects that more FTM holders are sitting in profit, further confirming the bullish sentiment surrounding the token.

However, it’s important to note that an MVRV ratio above 2 could signal that Fantom is becoming overvalued, potentially leading to a trend reversal, a condition confirmed by the 14-day RSI approaching the 70 level.

Key Fantom (FTM) price levels to watch

As FTM continues its rally, there are several key levels traders should monitor.

On the upside, resistance is currently situated around $1.15, which aligns with the high reached in March.

If Fantom breaks above this level, it could pave the way for a move toward the $1.20 mark, which remains a critical target for bulls.

In the short term, the 1.272 Fibonacci extension at $1.03 is an important resistance point, while the 1.618 Fibonacci extension at $1.13 provides another potential hurdle.

On the downside, support is found around the $0.88 to $0.83 range, with the $0.76 level being particularly critical for maintaining the bullish trend.

A pullback to these levels could be seen as a healthy correction before FTM resumes its upward momentum.

If FTM fails to hold above $0.76, a deeper retracement toward $0.68 could be in the cards.

The upcoming Sonic (S) migration

Fantom’s upcoming migration to the Sonic (S) token is another factor that could influence its price action.

The migration is expected to bring improvements to the Fantom ecosystem, including scalability and transaction speeds, which could help boost investor confidence and further drive price action.

While the full impact of the migration remains to be seen, many investors are optimistic that it will provide the catalyst for Fantom to continue its upward trajectory.

With strong technical indicators and the upcoming Sonic migration, the outlook for Fantom (FTM) remains positive.

However, traders should remain cautious of potential pullbacks and watch key support and resistance levels to gauge the next phase of price action.

If Fantom can maintain momentum above critical support levels, a rally toward $1.20 or higher remains a real possibility.

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