One closely watched analyst believes an Ethereum (ETH) challenger is preparing to spark a massive rally and overtake other high-flying cryptocurrency assets.
In a video update, anonymous analyst Rager told his 197,800 followers on social media platform X that Fantom (FTM) is one of his highest-conviction trades for next year.
Rager said Fantom’s upcoming move to Sonic could allow the altcoin to revisit its all-time highs.
“Just by looking at the phantom chart, you can get a sense of how much it can go up. The all-time high is around $3.30 and the all-time high is $3.50. The market capitalization is only about $10 billion to $11 billion.
Currently, Phantom’s market capitalization is $0.70, which is less than $2 billion. In general, if you have L1, L2 and many other coins… it looks like Fantom or Sonic will take them over, and of course they’ll be in the top 20…
Due to the fact that Sonic Migration is generally bullish on the token, I think it could hit all-time highs again or even higher. “It’s a really nice place to be.”
Sonic is Fantom’s next-generation blockchain that will “scale the network to unprecedented levels” and can process 2,000 transactions per second. According to the project, the new technology will also reduce storage space requirements by up to 90%.
Fantom’s move to Sonic is scheduled for the fourth quarter of this year, but the exact date is not yet known.
Rager went on to say that he believes Fantom has the potential to mirror the parabolic rally in Solana (SOL) witnessed from September 2023 to March of this year.
“I think anything under $1 on the charts right now is a good thing for Phantom. I think there will be big gaps and big catch-ups over a period of time.
We have seen Solana experience significant markdowns from $20 to $200 – 10x. So will we see something similar in FTM? yes… “I think it will go up to $3 or $4 or even higher.”
As of this writing, FTM is trading at $0.67.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney