Fantom [FTM] reclaims $0.45: Will THIS drive prices to $1?

Fantom (FTM) has been among the best-performing altcoins in the midweek action, and here's why it could sustain the momentum

Fantom Foundation rebranded to Sonic Labs in May as part of an overhaul aimed at addressing network issues and improving user experienceThe majority of cryptocurrencies were trading in the green on the 22nd of August, notwithstanding a slight retreat from late Wednesday’s prices.Per AMBCrypto’s look at TradingView, FTM printed a 15.64% daily green candle on the 21st of August and was on course to complete a minor green candle.

Sonic Labs claims the new chain can process over 10,000 transactions per second , a notable improvement from Opera network’s 2000 TPS.The program, which represents the first major initiative of Sonic’s airdrop, runs until the 4th of November and will reward developers building on the chain with Sonic Gems.Cronje will steer the development of Sonic, specifically the native bridging technology, Sonic Gateway.

Last month, Sonic Labs introduced a gas-free trading program in partnership with Rabby, a wallet for Ethereum and all EVM chains. CoinMarketCap’s data showed that FTM’s 24-hour trading volume surpassed $200 million on several instances on the 21st of August.Sonic’s upcoming mainnet launch could rekindle on-chain activity and potentially propel prices, positioning FTM as a strong buy.

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