A popular analyst in the cryptocurrency space has identified Fantom (FTM) as a potential Ethereum (ETH) competitor that is poised for significant growth in the near future. In a recent video update, the analyst known as Rager shared his insights with his large following on X, highlighting Fantom as one of his top trades for the upcoming year.
Rager believes that Fantom’s upcoming migration to Sonic, its next-generation blockchain, could propel the altcoin to retest its all-time high levels. Currently trading at around $0.70 with a market cap of less than $2 billion, Rager sees a great deal of potential for Fantom to surge in value once the migration to Sonic is complete. Sonic is expected to significantly enhance Fantom’s scalability, with the ability to process 2,000 transactions per second and reduce storage requirements by up to 90%.
While the exact date of Fantom’s migration to Sonic is still unknown, Rager remains bullish on the altcoin’s prospects. He draws parallels between Fantom and Solana (SOL), noting the potential for Fantom to experience a similar parabolic rally as Solana did from September 2020 to March 2021. Rager suggests that Fantom could potentially reach levels above $3 to $4 or even higher.
As of the time of writing, FTM is trading at $0.67, presenting an attractive entry point for investors looking to capitalize on Fantom’s growth potential. With the upcoming migration to Sonic and the overall bullish sentiment surrounding the project, Fantom could be well-positioned for a significant price increase in the near future.
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Image Source: Midjourney