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 property.
In a video replace, pseudonymous analyst Rager tells his 197,800 followers on the social media platform X that Fantom (FTM) is one in every 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.
“For those who 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 the moment, Fantom is sitting round not even $2 billion market cap at $0.70. When you’ve gotten L1s, L2s and plenty of different cash basically… I see Fantom or Sonic taking up these, and naturally, that might put it across the high 20…
I do suppose it might hit all-time highs once more or increased for the actual fact of the Sonic migration is de facto 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 may “scale the community to unprecedented heights” and might course of 2,000 transactions per second. The brand new know-how will even reduce storage necessities by as much as 90%, in response to the venture.
Fantom’s migration to Sonic is reportedly slated for This autumn of this 12 months however the precise 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 12 months.
“I believe that something underneath a greenback, presently with the chart, is an effective 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 related with FTM? Yeah… I do suppose it’s going to hit over $3 to $4 or quite a bit increased.”
At time of writing, FTM is buying and selling for $0.67.
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