Crypto experts expect Fantom's value to rise more than 250% after multiple bullish patterns appeared on its charts.

According to By analyst CryptoBoss, with over 189k followers on X and Fantom (FTM) could see its next bull run soon following Sonic's expected upgrade, which will move its network to a more scalable and efficient architecture, boosting transaction speeds and reducing fees.

The analyst noted that FTM has broken out of a falling wedge pattern – a popular bullish reversal pattern in technical analysis – on the four-hour FTM/USDT chart and predicted that the altcoin will rise by 256%, targeting around $2 in the short term.

Adding to the bullish speculation, the analyst goes by the pseudonym Clifton Fx anticipation Larger price target for FTM, suggesting a potential upside of 400-500% from its current price based on strong technicals.

The expert noted that this rally could happen in the coming weeks and push FTM to a high of $4.16, as the altcoin broke above the long-term downtrend line that has served as resistance for nearly four years.

This bullish outlook is consistent with on-chain metrics showing an increase in trader and investment activity as the cryptocurrency market regains momentum after a holiday lull. Bitcoin's surge back above $100,000 has reignited optimism in the market, paving the way for altcoins like Fantom to follow suit.

According to data from IntoTheBlock, net inflow to whale owners rose 540% from an inflow of $1.74 million on January 5 to over $11.1 million on January 6. Such an increase in whale accumulation of assets is usually seen as a strong bullish signal by retail. Investors.

Furthermore, data from Santiment shows that the likely social sentiment surrounding the altcoin has improved over the past six days. Its weighted social sentiment has risen from -1.64 at the beginning of January to -0.0427 at press time, indicating that traders are becoming increasingly optimistic about the project.

FTM will move to S

This bullish outlook for FTM comes ahead of the rebranding of the layer-1 Fantom Opera Network into Sonic Chain, a new layer-1 blockchain network designed for faster transactions.

In addition to this, Sonic Labs He releases Its native S token, which will be used for transaction fees, storage, validation, and governance. Existing FTM holders can exchange their tokens for S tokens in a 1:1 ratio once the blockchain goes live.

Binance, the world's largest cryptocurrency exchange, has already done so open Support for renaming and swapping FTM-to-Sonic codes. By January 13, 2025, Binance will delete all FTM trading pairs and stop processing FTM deposits and withdrawals.

Other crypto exchanges, e.g crypto.com and Bybithas also followed suit with token swap plans similar to FTM.

Despite growing community excitement, the FTM price has yet to make any notable moves this season and has fallen over 40% in the past month. However, technical indicators point to an imminent reversal from the current downtrend.

On the 1-day FTM/USDT chart, the Moving Average Convergence Divergence indicator shows that the MACD line (blue) is about to cross above the signal line (orange), which is a signal for a bullish reversal indicating that the bulls are gaining strength.

The middle trend line at 26.8 also tends to have a high chance of a trend reversal which could send the altcoin higher with the first target being the psychological resistance level of $1. A break above $1 could push the price higher, targeting last year's peak of $1.44.