A carefully 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 considered one of 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.
“If you happen to simply take a look at the Fantom chart, you’re going to have an thought of how excessive this may 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.
At the moment, Fantom is sitting round not even $2 billion market cap at $0.70. When you might have L1s, L2s and loads of different cash typically… I see Fantom or Sonic taking up these, and naturally, that might put it across the high 20…
I do assume it might hit all-time highs once more or increased for the very fact of the Sonic migration is actually bullish total for the token. Proper now, the place it’s sitting at, is a extremely good place.”
Sonic is Fantom’s next-generation blockchain that can “scale the community to unprecedented heights” and might course of 2,000 transactions per second. The brand new expertise will even cut back storage necessities by as much as 90%, in accordance with 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 underneath a greenback, at the moment with the chart, is an efficient factor for Fantom. I believe that there’s a serious hole and a serious catch-up that can occur over a time period.
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 loads increased.”
At time of writing, FTM is buying and selling for $0.67.
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