The market opened with enthusiasm today, seeing a rebound after last week’s decline. According to CoinGecko, the entire market is increased by over 3% today. This has led to bulls overtaking bearish momentum, pushing several altcoins to the top of the charts. Fantom is one of those tokens that are hoping for a bullish turn. FTM fell almost 10% last week, but bulls recovered initiative and the token is up almost 6% today. This, along with the upcoming release, could make investors and traders believe in a bull market.
Magic is in the air with the Fantom/Sonic x Alchemy collaboration
Last Saturday, July 27, the Fantom Foundation and Sonic Labs launched Transmission X with Alchemy, blockchain infrastructure company discussing the benefits of partnerships between organizations.
🎙️ WE ARE LIVE with @AlchemyPlatform to discuss our partnership and its benefits for users/developers using the Opera browser and #Sound!
🤝 Guests:@BeingDanNolan (Alchemy) + @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 blog in early July, pointing out that Alchemy’s experience in blockchain infrastructure made it the ideal partner to launch Sonic.
According to the report, Alchemy will be funding the Sonic Incentive Program, giving developers access to $5,000 to support develop the upcoming Sonic platform. This means that developers who need support finding funding for their projects will have an easier time building the upcoming platform.
The incentive program is part of a broader $200 million Innovator Fund to support kickstart the transition from Opera to Sonic.
Sonic’s Great Potential
With Alchemy experts on board, Sonic by Fantom Foundation will have great performance that, according to Sonic Labs’ Sam Harcourt, could see Sonic execute transactions in under a second, with “hundreds of millions of transactions per day.”
Sonic will also provide developers with an additional source of income by allowing them to collect 90% of the gas fees on the platform, which will translate into increased revenue.
Promises aside, the announcements gave investors and traders something to hold on to. Improvements to Fantom’s overall infrastructure will lead to a better user experience, which will lead to more users signing up and more developers seeing value in the platform.
This news may not be enough…
Even though the market is bullish, FTM’s current position is tender and bears still hold on to some residual momentum.
This will see bulls become more aggressive in the miniature and medium term, following the overall market turnaround seen today, and this is likely to continue through the end of the week.
However, bulls will have some difficulty consolidating their position in the long term. FTM’s needy performance last month led to a stagnation in July, which prompted some investors and traders to move their money elsewhere.
If bulls manage to keep the rate stable, FTM could reclaim $0.6165 in the medium to long term.
Featured image is from Fantom, chart is from TradingView
