Ethereum (ETH) Challenger Fantom (FTM) Gearing up to Spark Massive Rallies, Analyst Believes

In a video update, pseudonymous analyst Rager tells his 197,800 followers on the social media platform X that Fantom (FTM) is one of his highest conviction

A closely followed crypto analyst is predicting that one Ethereum (ETH) rival is poised to ignite huge rallies and play catch-up with other top-performing digital assets.

In a new video update to his 197,800 followers on social media platform X, pseudonymous analyst Rager says that Fantom (FTM) is among his highest conviction trades for 2024.

According to Rager, Fantom’s upcoming migration to Sonic is capable of pushing the altcoin to revisit its all-time high levels.

“If you just look at the Fantom chart, you’re going to have an idea of how high this can go. All-time high close [is] around $3.30, $3.50 as the all-time high. That only puts it at around $10-$11 billion market cap.

Currently, Fantom is sitting around not even $2 billion market cap at $0.70. When you have L1s, L2s and a lot of other coins in general… I see Fantom or Sonic taking over those, and of course, that would put it around the top 20…

I do think it could hit all-time highs again or higher for the fact of the Sonic migration is really bullish overall for the token. Right now, where it’s sitting at, is a really good place.”

Sonic is the next-generation blockchain for Fantom that will “scale the network to unprecedented heights” and can process 2,000 transactions per second. The new technology will also reduce storage requirements by up to 90%, the project claims.

Fantom’s migration to Sonic is reportedly set for Q4 of this year, but the exact date is still unknown.

Rager further notes that he believes that Fantom has the potential to mirror Solana’s (SOL) parabolic rally, which occurred from September 2023 to March of this year.

“I think that anything under a dollar, currently with the chart, is a good thing for Fantom. I think that there’s a major gap and a major catch-up that will happen over a period of time.

We saw Solana have just have this major rip from $20 to $200 – 10x. And so can we see something similar with FTM? Yeah… I do think it’s going to hit over $3 to $4 or a lot higher.”

At the time of writing, FTM is trading at $0.67.

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