A intently adopted analyst believes that one Ethereum (ETH) challenger is gearing as much as spark large rallies and play catch-up with different high-flying crypto belongings.
In a video replace, pseudonymous analyst Rager tells his 197,800 followers on the social media platform X that Fantom (FTM) is one among his highest conviction trades for the approaching yr.
Rager says Fantom’s upcoming migration to Sonic might push the altcoin to revisit all-time excessive ranges.
“In the event you simply have a look at the Fantom chart, you’re going to have an concept of how excessive this could go. All-time excessive shut [is] round $3.30, $3.50 because the all-time excessive. That solely places it at round $10-$11 billion market cap.
Presently, Fantom is sitting round not even $2 billion market cap at $0.70. When you might have L1s, L2s and quite a lot of different cash on the whole… I see Fantom or Sonic taking on these, and naturally, that will put it across the prime 20…
I do assume it might hit all-time highs once more or greater for the actual fact of the Sonic migration is admittedly bullish general for the token. Proper now, the place it’s sitting at, is a extremely good place.”
Sonic is Fantom’s next-generation blockchain that may “scale the community to unprecedented heights” and may course of 2,000 transactions per second. The brand new know-how may even reduce storage necessities by as much as 90%, based on the mission.
Fantom’s migration to Sonic is reportedly slated for This fall of this yr however the precise date continues to be unknown.
Rager goes on to say that he thinks Fantom has the potential to reflect Solana’s (SOL) parabolic rally witnessed from September 2023 to March of this yr.
“I believe that something below a greenback, at present with the chart, is an effective factor for Fantom. I believe that there’s a significant hole and a significant catch-up that may occur over a time frame.
We noticed Solana have simply have this main rip from $20 to $200 – 10x. And so can we see one thing related with FTM? Yeah… I do assume it’s going to hit over $3 to $4 or rather a lot greater.”
At time of writing, FTM is buying and selling for $0.67.
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