Token Analysis: Sonic (formerly Fantom - FTM)

As a brand-new public chain ecosystem that has emerged from Fantom’s historic migration, with a focus on extreme performance and native L1/L2 bridging technology, Sonic (S, formerly FTM) is currently facing severe tests on both fundamentals and market confidence. Dragged down by the broader crypto market’s overall deleveraging and Bitcoin’s nearly 20% month-long retracement, along with internal core leadership personnel shake-ups, the token price has been deeply corrected to around $0.022. Compared with its historical peak, it has fallen by 97%, and the technical picture shows an extreme oversold condition and a weak bottoming structure.

Cycle Phase: It is currently in the phase of long-term historical deep-water bottoming and a major washout, following the token upgrade and major negative shocks.

Support and Resistance: The key near-term technical support is at the $0.020 integer level. If it breaks, it could trigger further liquidations by the bulls. The main swing resistance level above is in the $0.050 to $0.092 range.

Market Perspective: The Sonic ecosystem has recently been hit by an extremely intense governance storm.

Leadership Personnel Shake-Up: DeFi legend Andre Cronje (AC) and two other board members officially announced their resignations from the Sonic Labs (formerly the Fantom Foundation) board on June 20. AC later clarified that his former “co-founder” title only indicated a technical role, and that he did not participate in the FTM to S token migration and the token emissions structure design. His current strategic focus has shifted to his decentralized exchange Flying Tulip, which has a valuation of $1 billion (with current TVL of about $70 million).

Technology and R&D Progress: Although management is facing a major reshuffle, the Sonic team emphasizes that core engineering work has not been interrupted. Since 2026, it has merged more than 400 pull requests, and it is currently conducting intensive testing for the new 2.2.0 version and the private testnet, attempting to win back market confidence through technological advancement.

Because AC’s exit severely damaged the market’s expectations of Sonic’s “star halo,” market sentiment has fallen into extreme fear (Fear & Greed Index is only 15). In the short term, the token’s price action is extremely lackluster. After washing out retail floating capital, it will still be necessary to closely monitor the new management team’s ability to control sell pressure from tokenomics, as well as whether ecosystem applications can be successfully rolled out.

Disclaimer: This article is for reference only and does not constitute any investment advice. Cryptocurrencies are highly risky—before investing, please be sure to do your own research and make a careful evaluation.

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