Trader Says Ethereum Rival One of His ‘Highest Conviction’ Trades, Forecasts Major Catch-Up on Bullish Catalyst

A carefully watched analyst believes an Ethereum (ETH) challenger is gearing as much as spark enormous rallies and meet up with different high-flying crypto property.

In a video replace, pseudonymous analyst Rager tells With its 197,800 followers on social media platform X, Fantom (FTM) is considered one of his most compelling trades for the approaching 12 months.

Rager says the upcoming migration from Fantom to Sonic might push the altcoin to achieve one other all-time excessive.

“Simply wanting on the Fantom chart provides you an concept of ​​how excessive this may go. All-time excessive shut [is] round $3.30, $3.50 all-time excessive. That solely places the market cap at round $10-$11 billion.

Presently, Fantom sits at a market capitalization of lower than $2 billion at $0.70. You probably have L1s, L2s, and a bunch of different cash typically… I can see Fantom or Sonic taking that one, and naturally that may put it within the prime 20…

I feel it might hit an all-time excessive once more or greater because the Sonic migration is general very bullish for the token. Proper now the place he’s is a very good place.”

Sonic is Fantom’s next-generation blockchain that may “scale the community to unprecedented heights” and may course of 2,000 transactions per second. The brand new know-how will even scale back storage wants by as much as 90%, in response to the undertaking.

Fantom’s migration to Sonic is reported planned for the fourth quarter of this 12 months, however the actual date continues to be unknown.

Rager goes on to say that he thinks Fantom has the potential to reflect Solana’s (SOL) parabolic rally, which came about from September 2023 to March this 12 months.

“I feel something beneath the greenback, at present on the menu, is an effective factor for Fantom. I feel there’s a huge hole and there will likely be a giant catching up over time.

We noticed that Solana simply had a giant rip from $20 to $200 – 10x. And will we see one thing related at FTM? Yeah… I feel it will be greater than $3 to $4 or a lot greater.”

On the time of writing, FTM is buying and selling at $0.67.

Do not miss a beat – Subscribe to obtain electronic mail alerts straight to your inbox

Verify worth motion

Comply with us additional X, Facebook And Telegram

Surf to the Every day Hodl combine

Generated picture: Midjourney