A closely followed analyst believes that one Ethereum (ETH) challenger is gearing up to spark massive rallies and play catch-up with other high-flying crypto assets.
In a video update, pseudonymous analyst Rager tells his 197,800 followers on the social media platform X that Fantom (FTM) is one of his highest conviction trades for the coming year.
Rager says Fantom’s upcoming migration to Sonic could push the altcoin to revisit all-time high levels.
“If you just look at the Fantom chart, you’re going to have an idea of how high this can go. All-time high close [is] around $3.30, $3.50 as the all-time high. That only puts it at around $10-$11 billion market cap.
Currently, Fantom is sitting around not even $2 billion market cap at $0.70. When you have L1s, L2s and a lot of other coins in general… I see Fantom or Sonic taking over those, and of course, that would put it around the top 20…
I do think it could hit all-time highs again or higher for the fact of the Sonic migration is really bullish overall for the token. Right now, where it’s sitting at, is a really good place.”
Sonic is Fantom’s next-generation blockchain that will “scale the network to unprecedented heights” and can process 2,000 transactions per second. The new technology will also reduce storage requirements by up to 90%, according to the project.
Fantom’s migration to Sonic is reportedly slated for Q4 of this year but the exact date is still unknown.
Rager goes on to say that he thinks Fantom has the potential to mirror Solana’s (SOL) parabolic rally witnessed from September 2023 to March of this year.
“I think that anything under a dollar, currently with the chart, is a good thing for Fantom. I think that there’s a major gap and a major catch-up that will happen over a period of time.
We saw Solana have just have this major rip from $20 to $200 – 10x. And so can we see something similar with FTM? Yeah… I do think it’s going to hit over $3 to $4 or a lot higher.”
At time of writing, FTM is trading for $0.67.
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Henry Kanapi
https://dailyhodl.com/2024/09/29/trader-says-ethereum-rival-one-of-his-highest-conviction-trades-forecasts-major-catch-up-on-bullish-catalyst/
2024-09-30 00:00:31
