Phantom (FTM) traders seem to have mastered the Zen mindset and don't want to know about corrections, market fads, or scary news from today's market analysis.
Launched in 2018, Phantom is a Layer 1 coin intended to compete with Ethereum. A single consensus layer uses the Lachesis protocol to create multiple execution chains.
The FTM token has recorded an impressive 13.7% increase in the last 24 hours and is the top 100 performing token by market capitalization. It is in stark contrast to the overall market performance, which saw 87 of the top 100 tokens decline in the previous day.
Yesterday almost 90% of the tokens made a different picture with a profit. However, today's landscape is a stark contrast with only 13 markers in the green. Among them, Phantom leads the pack, rising from $1.04 to $1.18 in the last 24 hours. This upward trend is not a recent phenomenon; The coin was trading at $0.76 seven days ago, a massive 55.6% increase over the past week.
Image: Tradingview
Interestingly, the worst performer in the top 100 is meme coin PEPE, down 11.6% over the past 24 hours and down 17% over the past week.
Just weeks ago, Pepe was leading the memecoin frenzy, posting double-digit gains in 24-hour trading sessions. However, as we can see from this example: memecoins are extremely volatile and can go from the best performing to the worst performing crypto markets in a short period of time.
Phantom's bullish run may be related to speculation surrounding the upcoming network upgrade. Scheduled to transition from the testnet to the mainnet in the spring of 2024, Sonic's upgrade is expected to significantly increase transaction processing speed. Sonic mainnet will replace existing Opera which only flows at 3.2 transactions per second.
Phantom Sonic is a brand new @FantomFDN technology stack, with core improvements and scalability improvements without the need for a disruptive dry fork.
🧵 let's dive pic.twitter.com/Xp6W9BhiiN
— QuickNode (@QuickNode) March 18, 2024
In contrast, the closed testnet simulated traffic showed a maximum theoretical rate of 2,000 transactions per second (TPS) to last 1.1 seconds. This update could change the efficiency of the network and attract more developers to the platform.
Another development that has caught the eye of investors and enthusiasts is the new Phantom Virtual Machine (FVM). The team behind Fantom says it translates Ethereum Virtual Machine (EVM) code into Phantom's native format, allowing developers to transition seamlessly and enjoy faster execution times. This can increase network adoption and further enhance the performance of Phantom.
From a technical perspective, FTM has been at a high since late January, showing no signs of correction throughout the year, unlike Bitcoin, Ethereum and other tokens. The gap between EMA10 and EMA55 (the average values of the last 10 and 55 days) indicates a rapid development, and the relative strength index (RSI) in the 100-man market situation shows a buying frustration with 77 bulls and 33 bears.
Image: Tradingview
Currently, FTM is testing a pressure zone between $1 and $1.10, a level that served as support three times between September 2021 and April 2022. This is the first time the coin has reached its highest value since then.
If it fails to break this resistance and eventually corrects to the low point of the chart, immediate support appears to be around $0.90. However, if it can break through—maintaining its bullish momentum—the next target could be around $1.50.
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