FTM jumps 12% as Sonic Labs targets $11T lending market with new blockchain feature

FTM experiences a sharp increase of 12% after Sonic Labs targets the $11 trillion lending market with a new blockchain feature. This surge propels Fantom (FTM) to the top of the leaderboard among the top 100 cryptocurrencies, with its price jumping from $0.43 to $0.48. This marks the highest value for FTM since August 27, boosting its market capitalization to $1.36 billion and positioning it as the 59th largest digital asset globally. Sonic Labs’ plan to introduce credit scores for digital wallets through the Sonic blockchain aims to penetrate the vast unsecured lending market. Additionally, the release of Sonic’s testnet achieving transaction finality in just 720 milliseconds has further contributed to the bullish sentiment surrounding FTM. As a result, trading volume doubles within 24 hours, hinting at increased investor activity. The upper Bollinger Band at $0.5296 is now the key resistance level to watch, and a break above this level could potentially open the gates for further gains. With this positive momentum, FTM has the potential to double its value and reach the $1 mark. However, it’s important to note that market dynamics indicate bears currently have control, which could trigger liquidations of long positions at lower levels.