The Sonic Chain protocol has reached $100 million in Total Value Locked, a milestone that helped lift Fantom price from its selloff streak.
The Sonic Chain, the newly rebranded protocol of Fantom (FTM), has disclosed a new milestone, which has brought the price of the company into the limelight.
Fantom price has risen over the past 24 hours and has now surpassed the $0.7 resistance level, as indicated by the most recent market data.
This current Fantom rebound may introduce additional growth in the near future, as it capitalizes on the Sonic enthusiasm.
Sonic Chain Milestone, Ecosystem Trend
Sonic Chain has achieved the $100 million Total Value Locked (TVL) milestone, as indicated by its most recent update.
The Sonic Genesis block went live less than six weeks ago, and the protocol has since recorded this milestone.
Although this milestone is noteworthy, it is not the protocol’s initial achievement.
Sonic Chain exceeded the 1 million block milestone approximately three weeks after its debut, as indicated by an earlier update from Coingape.
The cumulative quantity of capital resident on the blockchain is represented by the total value locked metric.
Sonic Labs, the previous Fantom, has released several Decentralized Applications (DApps) on the protocol since its inception.
To establish a robust network, an Ethereum bridge was implemented in late December 2024.
Implications For Fantom Price
Although the Sonic Chain has its native token, S, Fantom price is most significantly influenced by the advancements within its ecosystem.
The coin was traded at $0.7206 during the writing process, representing a 2.82% increase in the previous 24 hours.
Fantom price experienced a significant increase from a low of $0.6929 to a high of $0.7296 amid the recent drawdown, and it has since stabilized at its current level.
In 2024, Fantom experienced a highly variable year, with a combined growth rate of 71%.
This 52-week growth rate is negligible in comparison to its primary competitors, such as Solana (SOL), which has experienced a 90% increase.
In the interim, Sonic Labs endeavors to alter the future of Fantom by implementing the new chain.
The expectation is that FTM may surpass the $1 threshold in the near future due to enhanced connectivity, speed, and a robust ecosystem.
Seasonal Advantage of Altcoins
Sonic Chain and Fantom may capitalize on the anticipated altcoin season’s price increase amid the ongoing pursuit of relevance within the broader blockchain ecosystem.
In a recent update, Santiment data indicates that the number of HODLers has increased for Ethereum, Dogecoin, and other prominent altcoins.
This metric indicates more extensive market confidence in these chains, a trend that could potentially affect Fantom if it continues.
In addition, the incoming Donald Trump administration is expected to be advantageous for altcoins, as the President-elect’s family is pro-DeFi.
