Sonic (S), Formerly Fantom (FTM), Rallies 97% in Two Weeks: Here's Why

The price of Sonic (S), formerly Fantom (FTM), has risen 97% over the past two weeks, making it the largest gainer among the top 100 cryptocurrencies

The price of Sonic (S), formerly known as Fantom (FTM), has soared by 97% over the past two weeks, making it the largest gainer among the top 100 cryptocurrencies by market cap.

This bullish surge has caught investors and traders by surprise, and many are now questioning how sustainable this bull run is.

To answer that question, we have to evaluate the various catalysts fueling the price surge from the explosive growth in total value locked after rebranding to the strong technical momentum and the compelling ecosystem.

A rebranding that sparked momentum

Sonic’s transformation from Fantom in early December 2024 marked a pivotal shift, setting the stage for its remarkable rally.

Rebranding isn’t just a cosmetic change; it often reflects strategic upgrades and renewed market positioning.

Since the rebrand, Sonic’s price has climbed from strength to strength, hitting $0.7731 as of February 20, 2025, with a market cap of $2.45 billion.

Moreover, Sonic’s ecosystem has shown tangible progress, with its total value locked (TVL) soaring from $27 million on January 1 to $611 million today.

This exponential growth underscores a surge in adoption and confidence, positioning Sonic as a serious layer-one blockchain contender.

Ecosystem growth has fueled investor confidence

The skyrocketing TVL demonstrates Sonic’s appeal to developers and users alike.

Unlike many altcoins riding speculative waves, Sonic’s growth is rooted in its ecosystem’s fundamentals.

With a throughput of 10,000 transactions per second, it outpaces Ethereum’s current 16 TPS and rivals Solana’s 850 TPS, offering a scalable and efficient platform.

This technical prowess, paired with a transparent ecosystem and a unique rewards model for developers, has drawn significant attention to Sonic.

As developers flock to Sonic, its network effect strengthens, driving demand for the $S token and supporting the price surge.

Sonic: technical indicators show a strong bullish trend

From a trading perspective, Sonic’s chart tells a story of relentless momentum.

Over the past 24 hours alone, the price jumped by over 20% reaching a high of $0.8622, while the 7-day gain sits at 60%.

Technical analysts highlight the 9-period moving average climbing aggressively above the 21-period on the daily chart, with the price way above the two Mas, which is a classic bullish signal.

The Relative Strength Index (RSI) on the daily chart hovers near 75, reflecting strong buying pressure, though it also hints at overbought conditions.

Trading volume has also spiked alongside the price, with $437.8 million exchanged in a day, suggesting robust buyer interest.

Notably, the rapid gain in two weeks and an all-time high of $1.03 in January 2025 suggest Sonic (S) is in price discovery mode, although the overbought signal by the RSI could trigger a correction.

Traders are watching $1.4314, the next major resistance level if the bullish momentum persists.

However, if a correction occurs, traders should keep an eye on the 61.8% Fibonacci retracement level at $0.7108, which if breached could see the price drop to as low as $0.6049.