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 certainly one of 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.
“When you simply take 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.
At present, Fantom is sitting round not even $2 billion market cap at $0.70. When you’ve got L1s, L2s and loads of different cash normally… I see Fantom or Sonic taking up these, and naturally, that might put it across the prime 20…
I do suppose it might hit all-time highs once more or greater for the actual fact of the Sonic migration is de facto bullish general for the token. Proper now, the place it’s sitting at, is a very 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 expertise can even cut back storage necessities by as much as 90%, in response to the venture.
Fantom’s migration to Sonic is reportedly slated for This fall of this 12 months 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 12 months.
“I believe that something below a greenback, at the moment with the chart, is an effective factor for Fantom. I believe that there’s a significant hole and a significant catch-up that can 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 so much greater.”
At time of writing, FTM is buying and selling for $0.67.
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