A carefully adopted analyst believes that one Ethereum (ETH) challenger is gearing as much as spark huge 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 12 months.
Rager says Fantom’s upcoming migration to Sonic might push the altcoin to revisit all-time excessive ranges.
“If you happen to simply have a look at the Fantom chart, you’re going to have an thought 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.
At present, Fantom is sitting round not even $2 billion market cap at $0.70. When you could have L1s, L2s and loads of different cash generally… I see Fantom or Sonic taking up these, and naturally, that might put it across the prime 20…
I do assume it might hit all-time highs once more or larger for the actual fact of the Sonic migration is admittedly 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 may course of 2,000 transactions per second. The brand new know-how can even reduce storage necessities by as much as 90%, in response to the mission.
Fantom’s migration to Sonic is reportedly slated for This autumn of this 12 months however the actual 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 12 months.
“I feel that something below a greenback, at the moment with the chart, is an efficient factor for Fantom. I feel 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 comparable with FTM? Yeah… I do assume it’s going to hit over $3 to $4 or quite a bit larger.”
At time of writing, FTM is buying and selling for $0.67.
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