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Fantom is making significant waves in the crypto market as it prepares to rebrand as Sonic (S) in January 2025, stirring excitement among investors.
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With major changes announced by Binance regarding FTM trading, the crypto community is abuzz with discussions about the potential effects on price stability.
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“The transition will maintain one-to-one token swaps, revealing that investor confidence remains strong despite market fluctuations,” a COINOTAG source noted.
Fantom is set to rebrand as Sonic (S) in 2025, trading pairs on Binance will shift, impacting FTM prices and investor sentiment across the market.
Impact of the FTM Rebranding on Trading Dynamics
The upcoming rebranding from **Fantom (FTM)** to **Sonic (S)** is not merely cosmetic. Commencing in early January 2025, this significant transition also includes the delisting of all current FTM trading pairs on Binance. Effective January 13, 2025, at 3:30 UTC, FTM traders will see the suspension of pairs like FTM/BTC, FTM/USDT, and others. This shift aligns with Binance’s commitment to facilitating a smooth transition to the new Sonic branding.
Moreover, the anticipated renaming involves a complete swap of **FTM** tokens to **S** at a ratio of 1:1, which may mitigate drastic price fluctuations during the switchover. Scheduled trading for the new **S** pairs will launch on January 16, 2025, at 8:00 UTC, ushering in a new chapter for both Binance users and holders of FTM tokens.
Market Reactions and Price Predictions for FTM
The market’s prevailing uncertainty surrounding this rebranding has led to mixed reactions. Despite this, the potential for price stability is underscored by the fact that FTM was trading close to $1 at the time of the announcement, with a slight decline of 0.35%. Notably, trading volume surged by 37% as traders reacted actively to the news, indicating resolve among investors to capitalize on potential opportunities.
Analysts are cautiously optimistic, with some interpreting the current price action and historical data. A sustained support level of **$0.95** has been noted, which, if maintained, could see FTM rally towards a resistance level of **$1.43**. However, falling below **$0.91** could trigger a corrective movement toward **$0.64**.
Technical Indicators Reveal Intriguing Patterns
Current insights from COINOTAG showcase that **FTM** finds itself at a critical juncture. Keeping above the **$0.95** support level is essential. If this mark holds, the likelihood of an uptrend looms, driven by historical momentum reflecting a potential rise of 40%. Conversely, a drop below this support could signal a downturn.
Source: TradingView
On-Chain Metrics Showcase Growing Interest in FTM
On-chain data from **Coinglass** highlights a notable dynamic in the handling of **FTM** tokens since the rebranding announcement. The significant outflow of **$9.5 million** worth of FTM indicates that long-term holders are withdrawing assets from exchanges, suggesting a healthy bullish sentiment among investors who are repositioning themselves in anticipation of future gains.
Source: Coinglass
Conclusion
The impending rebranding of **Fantom** to **Sonic** marks a pivotal transition for the cryptocurrency and its investors. With upcoming trading changes on Binance and increased market activity, traders are keenly observing these developments. The **1:1 swap ratio** for tokens aims to stabilize investor confidence amidst broader market uncertainty. As developments unfold, keeping a close eye on on-chain metrics and trading patterns will be crucial for those tracking FTM’s next moves.
