According to CoinMarketCap data, FIDA recorded a 35% increase on June 5 and is trading at $0.392, retaining 29% of this increase at the time of writing. While the daily transaction volume exceeds 72 million dollars, the total market value is around 50.3 million dollars. Despite these positive developments, it should be noted that FIDA is still 96% away from its all-time high of $10.87, reached in April 2021.

When we look at technical analysis, experts think that FIDA gives positive signals. A crypto analyst named Javon Marks stated in his May 6 Twitter post that FIDA has broken through key resistance levels on the logarithmic scale and has the potential to reach a target of $9.0281. Marks adds that this increase could indicate a 2,188% increase and may still be in the early stages of the process.

One of the most important factors that triggered this rise in FIDA is undoubtedly Bonfida’s strategic moves. In an announcement made on June 5, Bonfida announced that the Solana Name Service (SNS) is now live in Chinese. This move is considered as the first step to enter the Chinese market. Bonfida aims to make its website globally accessible with Chinese translation of all domain-related services.

The announcement also highlighted “.sol” domain names consisting of Chinese characters. For example, an example of the domain name “双子星.sol” was given on SNS, which had a price of over $25,000. This move is seen as part of a strategy to penetrate the cryptocurrency market in China and bring new investors into the system.

In addition to its China launch, Bonfida also decided to expand to Vietnam. With the announcement made on June 6, Bonfida expressed its excitement to meet and collaborate with new ecosystem partners in Vietnam. This move can be considered as a strategy to benefit from Southeast Asia’s rapidly developing cryptocurrency market and expand FIDA’s usage areas.

In addition to expanding into different markets, Bonfida is also taking innovative steps with its SNS platform. SNS aims to redefine web3 domain systems and integrate web2 users’ identities into blockchain technology. This innovative approach has the potential to increase the value of FIDA token in the future.

In conclusion, FIDA’s recent rise is based on both technical analysis and Bonfida’s strategic moves. Opening up to new markets such as China and Vietnam and taking innovative steps with the SNS platform may positively affect FIDA’s future.

However, considering the volatility of the cryptocurrency market, it is best to be cautious. Although the optimistic comments of analysts such as Javon Marks offer a positive perspective on the future, it remains unclear how realistic FIDA’s target of $ 9.0281 is and how long the process will take. If you are considering investing in FIDA, you should definitely do your own research and follow market conditions closely.

Overall, FIDA’s recent rise can be considered a positive signal for the cryptocurrency market. Bonfida’s future moves and the general course of the cryptocurrency market will be the most important factors that will affect FIDA’s long-term value.