A closely watched analyst believes an Ethereum (ETH) challenger is gearing up to spark huge rallies and catch up with other high-flying crypto assets.
In a video update, pseudonymous analyst Rager tells With its 197,800 followers on social media platform X, Fantom (FTM) is one of his most compelling trades for the coming year.
Rager says the upcoming migration from Fantom to Sonic could push the altcoin to reach another all-time high.
“Just looking at the Fantom chart gives you an idea of how high this can go. All-time high close [is] around $3.30, $3.50 all-time high. That only puts the market cap at around $10-$11 billion.
Currently, Fantom sits at a market capitalization of less than $2 billion at $0.70. If you have L1s, L2s, and a bunch of other coins in general… I can see Fantom or Sonic taking that one, and of course that would put it in the top 20…
I think it could hit an all-time high again or higher as the Sonic migration is overall very bullish for the token. Right now where he is 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 needs by up to 90%, according to the project.
Fantom’s migration to Sonic is reported planned for the fourth quarter 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, which took place from September 2023 to March this year.
“I think anything under the dollar, currently on the menu, is a good thing for Fantom. I think there is a big gap and there will be a big catching up over time.
We saw that Solana just had a big rip from $20 to $200 – 10x. And could we see something similar at FTM? Yeah… I really think it will be more than $3 to $4 or much higher.”
At the time of writing, FTM is trading at $0.67.
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Generated image: Midjourney