Was Opera Chain, The Catalyst Fantom Needed? Can It Reach $1?

Fantom’s sudden increase in value could be attributed to tangible improvements made to its network infrastructure. The platform has been actively improving to increase the network’s scalability. On May 14, Fantom unveiled the Opera Upgrade Dashboard, to support validators as they upgrade their nodes to utilize Sonic tech.

One of Fantom‘s main goals for 2024 is to enhance the Opera chain using the latest Sonic technology. This enhancement seems to be focused around on enhancing the network’s scalability with the two new features: the Fantom Virtual Machine (FVM) and a new storage system for Fantom’s Opera chain. Above all, the goal of this upgrade happens to be to elevate Fantom to become one of the most efficient and highest-performing monolithic blockchains.

Furthermore, on May 17th, the Fantom CEO, Michael Kong, tweeted about the upgrade progress. The image shared by its CEO displayed that was a 23.64% progress.

Furthermore, the number of nodes that have been upgraded to Opera so far is 21 from a total of 60 nodes. Additionally, the total staked quantity over opera was 1.328 billion FTM’s and 2/3 staking power stated of 885.9 Million.

X Platform Showcases Optimism for Fantom

Simone Pomposi tweeted on X with a small video clip, which showed the entire transaction happening with lightning-fast speed; transactions look like pretty much instant on Fantom.

Over the past week, the Fantom price had risen by up to 13% (approx). The technical indicators have been portraying a possible bullish rally out of a falling wedge pattern on the daily chart.

At press time, the FTM price was trading around at $0.8047. FTM is expected to go past the $1.0 mark. Beyond this price point, the door would open for more future optimism.

Since the FTM crypto has revealed recovery possibilities more clearer as the price rallied from a crucial demand level of around $0.65 on the chart. Similarly, the fantom crypto looks set for an upcoming colossal surge, as it gears up to crack the resistance level of FTM and rocket to new peaks.

Can Fantom SkyRocket Soon?

The Fantom asset is exhibiting bullish strength and rising capacity as it holds above major 20-day and 50-day EMA band’s. Likewise, other technical tools of the FTM asset have also displayed bullish support, as MACD shows a bullish cross above zero line and the RSI was at 59.56 not near the 70 level yet, which exhibits it does not face much resistance and could extend its gains in the upcoming sessions.

At press time, FTM experienced a surge of 0.76% in the last 24 hours, trading at $0.8064. Therefore, if the demand increases for the Fantom asset price, then it could shoot up from the current level. The next target, then would be to reach $1.00 and $1.20.

However, if the Fantom crypto price fails to stay above the $0.65 level, it could decline further and hit lower supports as well.

Summary

Fantom CEO Michael Kong shared the upgrade progress, indicating that 23.64% has been completed, with 21 nodes upgraded to Opera out of a total of 60. The platform has also showcased its speed and transaction capabilities, leading to a 13% increase in the Fantom price over the past week. 

Technical indicators suggest a possible bullish rally for Fantom, with the price trading around $0.8047 at press time and expectations of surpassing the $1.0 mark. If demand for Fantom increases, the price could shoot up from the current level, targeting $1.00 and $1.20. However, if the price fails to stay above $0.65, it could decline further and hit lower supports.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.