A closely watched analyst believes one Ethereum (ETH) challenger is poised to spark a massive rally and overtake other fast-rising crypto assets.
In a video update, pseudonymous analyst Rager told his 197,800 followers on social media platform X that Phantom (FTM) is one of his most confident trades for next year. .
Rager said Phantom’s upcoming transition to Sonic could cause the altcoin to reach new all-time highs again.
“If you look at the chart of Fantom, you can see how high this could go. It closed at an all-time high. [is] All-time highs are around $3.30 and $3.50. The market capitalization alone is only around $10 billion to $11 billion.
Currently, Phantom's market capitalization is $0.70, less than $2 billion. If you have L1, L2, and many other coins in general…you'll see Fantom or Sonic take over them. Of course it would be in the top 20 or so…
The fact that the transition to Sonic is overall very bullish for the token makes me think it could reach all-time highs again, or even higher. Where it is now is a really good place. ”
Sonic is Fantom's next-generation blockchain, capable of “scaling the network to unprecedented heights” and processing 2,000 transactions per second. The new technology will also reduce storage requirements by up to 90%, according to the project.
Fantom's transition to Sonic is reportedly scheduled for the fourth quarter of this year, but the exact date is still unknown.
Rager went on to say that he believes Phantom has the potential to mirror the parabolic rally in Solana (SOL) witnessed from September 2023 to March of this year.
“I think anything below $1 is good for Phantom on the current chart. I think there is a big gap and a big catch-up over a period of time.
I saw Solana go from $20 to $200, or 10x. So will we see something similar with FTM? Well… I think it will be $3 to $4 or more, maybe even more. ”
At the time of writing, FTM is trading at $0.67.
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