Fantom (FTM) has demonstrated significant performance, rallying to challenge a pivotal horizontal resistance level within the last 24 hours. Some analysts have ambitiously projected a 345% increase by year's end, contingent on the reclamation of several crucial price thresholds before the cryptocurrency can reach a new all-time high (ATH).

As the week concluded, Sunday's trading saw Fantom's price escalate by 8.2%, pressing close to a resistance level it hasn't neared for the past four months. Reaching towards the $0.8 milestone for the second time within a week has ignited bullish optimism among investors.

Over the previous quarter, Fantom has seen an impressive 46.6% gain, rebounding from market setbacks in Q3 and challenging adverse market dynamics faced in June. Here, the former horizontal resistance stands as a key checkpoint, having served as a stable support in earlier quarters of the year.

Since peaking at an annual high of $0.97, Fantom has persisted through a 7-month decline, currently positioned 23% beneath that benchmark. However, analyst AMCrypto insists the downward trajectory has ended. The token's breakthrough above the trendline, surpassing the $0.74 resistance and retesting it as a support recently, substantiates this outlook. This analysis draws parallels between current chart patterns and pre-Q1 rallies, suggesting a potential boost.

FTM's previous patterns reveal it surged twice to the upper bounds of its accumulation phase before a significant push towards annual highs. According to AMCrypto, a brief correction towards $0.70-$0.72 could precede a 35% surge to $1 and beyond. Corroborating this, investor Rager draws comparisons to Solana's remarkable ascent in 2023, suggesting FTM may soon align with the upward trajectories of major blockchain assets.

Adding to the discourse, analyst Altcoin Sherpa has expressed optimism about Fantom's prospects for further ascension. Sherpa contends that a stable Bitcoin price will enable Fantom to “grind higher.” Bitcoin’s price dynamics have historically influenced FTM, particularly as declines in Bitcoin's value have seen FTM's price rejecting critical support levels. Notably, despite Bitcoin's recent 2.2% drop to the $67,000 threshold, Fantom's resilience has kept it above the reclaimed $0.74 level.

For Fantom to sustain its bullish trajectory, it must regain and maintain the $0.75 mark, converting its $0.8 resistance into a formidable support. Achieving this is crucial for targeting a speculative rise likely exceeding $3.

While some industry experts anticipate Fantom will achieve a new ATH preceding its token migration, NewsBTC has reported Fantom's impending transition to the Sonic Network slated for November to December this year. This migration incorporates a 1:1 conversion for existing FTM holders into Sonic's native token, 'S'. Like Fantom, Sonic will maintain a 3.175 billion token supply but plans to mint an additional 190.5 million tokens—6% of the supply—six months post-launch.

Currently, Fantom trades at $0.746, reflecting a modest 0.4% daily increase at the time of reporting.