A widely followed crypto strategist believes an under-the-radar Ethereum (ETH) challenger will hit its massive price target this cycle.
Pseudonymous trader Rager tells his 199,100 followers on the social media platform X that he is positive about the Layer-1 protocol Fantom (FTM).
Rager shares a chart that suggests FTM will reach its $3.31 price target around April.
“Late to the market?
People who say that aren’t looking at the FTM chart.
And yes, as far as I’m concerned this is a practical goal for the next six months.”
At the time of writing, FTM is trading at $0.71, indicating a potential price increase of over 366% if the altcoin reaches Rager’s target.
Rager notes that FTM could likely reach even higher levels if the project has a smooth transition to Sonic.
“Practical goal – neither above nor below if the SONIC migration can go smoothly.”
Sonic is designed to be a high throughput layer 1 chain with a native layer 2 chain linked to Ethereum.
explains the project,
“The Sonic Chain will be a layer 1 platform that connects to Ethereum via a custom layer 2 bridge, allowing Sonic to tap vast amounts of liquidity, users and protocols. This allows the network to combine the low cost, scalability, and speed of a layer-1 with the security of a layer-2 bridge to access native ETH and other assets on Ethereum. As a result, the Sonic chain is not just an L1 or L2 – it is the first chain of its kind to offer the best of both.”
Look at memecoins, Rager believes that meme tokens now serve as a gateway for retail investors to enter the crypto market.
“My thesis for memes is what attracts retail.
Many memes have limited benefit because they require a larger audience outside of crypto to be attracted to them.
The retail industry will want well-known memes.
Memecoins such as PEPE, POPCAT and BONGO will therefore thrive in the coming year.
It’s just beginning.”
As for Bitcoin, Rager predicts that BTC will see another superficial correction to $66,000 before surging to new all-time highs.
“BTC could go higher and would definitely want to buy on a pullback before it moves higher.”
At the time of writing, Bitcoin is trading at $68,196.
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Generated image: Midjourney
