A closely followed analyst believes an Ethereum (ETH) challenger is preparing to spark massive rallies and catch up to other high-flying crypto assets.
In a video update, pseudonymous analyst Rager tells his 197,800 followers on social media platform X that Fantom (FTM) is one of his most compelling trades for the year ahead.
Rager says Fantom’s upcoming migration to Sonic could push the altcoin to revisit all-time highs.
“If you just look at the Fantom chart, you’ll get an idea of how high this can go. The record close (is) around $3.30, $3.50 as the all-time high. That only represents a market cap of around $10 billion to $11 billion.
Currently, Fantom doesn’t even represent a $2 billion market cap at $0.70. When you have L1s, L2s and a lot of other pieces in general… I can see Fantom or Sonic taking them over, and of course that would put him in the top 20…
I think it could hit all-time highs or higher again, as the Sonic migration overall is really bullish for the token. At present, the place where he is located is a very good place.
Sonic is Fantom’s next-generation blockchain that will “scale the network to unprecedented heights” and will be able to process 2,000 transactions per second. The new technology will also reduce storage requirements by up to 90%, according to the project.
The migration from Fantom to Sonic is reportedly scheduled for the fourth quarter of this year, but the exact date is still unknown.
Rager goes on to say that he believes Fantom has the potential to mirror the Solana Parabolic Rally (SOL) seen from September 2023 to March of this year.
“I think anything below a dollar right now in the chart is a good thing for Fantom. I think there is a significant gap and significant catching up that will happen over time.
We saw that Solana just made this big tear from $20 to $200 – 10x. So can we see something similar with FTM? Yeah…I think it’s going to cost around $3-$4, maybe a lot more.
At the time of writing, FTM is trading at $0.67.
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