Binance Unveils Fantom for Sonic Swap and Rebranding – Should You Sell FTM Now or Wait?

• Binance will droop FTM deposits and withdrawals and delist all its buying and selling pairs.
• The report clarified that every one FTM tokens will probably be exchanged to S at a 1:1 ratio.

Amid ongoing market uncertainty, Fantom’s native token, FTM, is making waves and attracting important consideration from crypto fans.

On December 24, BinanceThe world’s largest cryptocurrency change, has printed a report highlighting that it’ll assist Fantom’s rebranding and token swap.

What occurs to FTM?

Based on a current report, Fantom will change its identify to Sonic (S) in early January 2025. Following this rebranding announcement, Binance said that it’ll droop FTM deposits and withdrawals and delist all its buying and selling pairs, together with FTM/BTC, FTM/USDT, and FTM/ETH, efficient on January 13, 2025, at 3:30 UTC.

Moreover, the FTM token will undertake the ticker “S” on Binance.

As soon as the rebranding course of is full, Binance will open buying and selling for the buying and selling pairs S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC and S/USDT beginning January 16. 2025, at 8:00 UTC.

Following this announcement, merchants and traders have expressed issues about its impression on the FTM value. Nevertheless, the report clarified that every one FTM tokens will probably be exchanged to S at a ratio of 1:1 (1 FTM = 1 S), indicating that there will probably be no important impression on the worth.

On the time of writing, FTM was buying and selling round $1 and has skilled a 0.35% decline within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 37%, indicating higher participation from merchants and traders after this replace.

Fantom technical evaluation and key ranges

Based on AMBCrypto’s technical evaluation, FTM is at an important assist stage at $0.95.

Primarily based on the current value motion and historic momentum, if the altcoin holds this assist stage, there’s a excessive probability that it might rise 40% to succeed in the following resistance stage of $1.43 sooner or later.

Supply: TradingView

Conversely, if FTM fails to carry the $0.95 assist stage and closes a each day candle under $0.91, there’s a excessive chance that the worth might fall by 30% to succeed in the following assist stage of $0.64 to succeed in.

Primarily based on the worth habits at these assist ranges, merchants and traders might encounter a shopping for or promoting alternative.

FTM’s bullish on-chain metrics

Nevertheless, curiosity from merchants and long-term holders following this announcement seems to be impartial as they regularly construct new positions and accumulate tokens, in line with on-chain analytics agency Coinglass.

FTM spot influx/outflow knowledge reveals that exchanges have witnessed a big outflow of $9.5 million value of FTM tokens within the final 24 hours.

These notable outflows point out that long-term holders have withdrawn tokens from exchanges to wallets, indicating potential upside momentum and a super shopping for alternative.

Supply: Coinglass

Learn Fantom’s [FTM] Worth forecast 2024-25

In the meantime, FTM Open Curiosity (OI) is up 14%, indicating the formation of recent positions and elevated dealer participation over the previous 24 hours.

When these on-chain metrics are mixed with the technical evaluation, there are not any bearish indicators, pointing to potential upside momentum within the coming days.