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 property.
In a video replace, pseudonymous analyst Rager tells his 197,800 followers on the social media platform X that Fantom (FTM) is certainly 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.
“When you simply have 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 present, Fantom is sitting round not even $2 billion market cap at $0.70. When you may have L1s, L2s and numerous different cash typically… I see Fantom or Sonic taking on these, and naturally, that might put it across the high 20…
I do suppose it might hit all-time highs once more or larger for the very fact of the Sonic migration is absolutely 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 expertise can even scale back storage necessities by as much as 90%, in response to the undertaking.
Fantom’s migration to Sonic is reportedly slated for This autumn of this yr however the actual date remains 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, presently with the chart, is an efficient factor for Fantom. I believe that there’s a serious hole and a serious 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 comparable with FTM? Yeah… I do suppose it’s going to hit over $3 to $4 or loads larger.”
At time of writing, FTM is buying and selling for $0.67.
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