Notably, these bullish predictions are based on the price action expected to follow the Sonic update, a major upgrade on FTM’s network.

The Sonic update will transform Fantom’s network into a more efficient and scalable architecture, increasing transaction speeds and reducing transaction fees. This update is expected to trigger the beginning of a major bull market for FTM.

CryptoBoss, one of the leading analysts, stated in his statement on the X platform that FTM gave an important bull signal by breaking a falling wedge formation on the 4-hour FTM / USDT chart.

A bearish wedge is a reversal pattern frequently encountered in technical analysis and usually signals the beginning of a price increase. Breaking this formation means that FTM’s price could increase by 256% in the short term. According to the analyst, this price increase could cause FTM to rise up to $2 in the short term.

In addition, anonymous analyst Clifton Fx put forward a larger target for FTM’s price, sharing his expectation of a rally of 400-500%. According to Clifton Fx, the price of FTM may rise up to $4.16 with this rally.

The analyst noted that FTM has broken above the downtrend line that has been acting as resistance for a long time, creating a strong foundation for a significant price increase of the altcoin. These statements seem to have increased interest in Fantom among investors.

This bullish expectation in FTM is also based on on-chain data. The crypto market has started to move again after the holiday period, and the increase in the activity of large investors (whales) shows that optimism in the market is rising.

Fantom, which saw whale flows worth $1.74 million on January 5, experienced an increase of 540%, with this amount increasing to $11.1 million on January 6. The intense accumulation of whales on an asset is generally interpreted as that asset will enter a strong bullish movement.

The positive vibe at Fantom is supported not only by major investors but also by social media sentiment. According to Santiment data, Fantom’s social sentiment has improved since the beginning of January.

In social media posts, sentiment towards Fantom increased from -1.64 to -0.0427. This indicates increased investor confidence in FTM and greater optimism about the future of cryptocurrency.

Fantom’s potential rise is not based solely on technical analysis, but is also attracting investors’ attention with the network improvements, transaction speeds and lower transaction fees provided by the Sonic update.

These improvements to Fantom’s network will help the token appeal to a wider user base and provide significant opportunities for long-term investors. Following these improvements, FTM will attract more attention in the cryptocurrency market and could potentially see a major bull rally.