A well-known analyst believes that a prominent competitor to Ethereum (ETH) is preparing to ignite significant rallies and catch up with other soaring crypto assets.
In a video update, anonymous analyst Rager informs his 197,800 followers on the social media platform X that Fantom (FTM) stands out as one of his top trades for the upcoming year.
Rager indicates that Fantom’s impending transition to Sonic could enable the altcoin to reach its all-time highs again.
“If you take a look at the Fantom chart, you’ll get a sense of how high it could potentially soar. The all-time high close is around $3.30, $3.50, which would only translate to a market cap of about $10-$11 billion. ”
“Right now, Fantom is valued at under $2 billion, trading at $0.70. With the competition from L1s, L2s, and other cryptocurrencies in general, I can envision Fantom or Sonic overtaking some of those, potentially placing it within the top 20…”
“I genuinely believe that it could revisit or exceed its all-time highs because the Sonic migration is highly advantageous for the token. Currently, it’s at a very favorable level.”
Sonic represents Fantom’s next-generation blockchain, designed to “scale the network to unprecedented heights” and is capable of processing 2,000 transactions per second. This new technology is also expected to slash storage requirements by up to 90%, according to the project details.
Fantom’s transition to Sonic is reportedly scheduled for the fourth quarter of this year, although a specific date has not been announced yet.
Rager further articulates that he believes Fantom has the capability to replicate Solana’s (SOL) explosive rally observed from September 2023 through March of this year.
“I believe that anything priced under a dollar currently makes Fantom an excellent opportunity. I see a substantial gap, and I anticipate a significant catch-up phase over time.”
“We witnessed Solana have this tremendous spike from $20 to $200 – that’s a 10x increase. So can we expect something comparable with FTM? Absolutely… I foresee it reaching beyond $3 to $4 or even higher.”
At the time of writing, FTM is trading at $0.67.
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