The Fantom ecosystem’s native currency, FTM, may be the next cryptocurrency to take hold and perhaps surpass Solana (SOL). One technical analyst, “Magnate,” provided this upbeat outlook in an X post on October 3.
He stated that traders who missed the SOL rise could still have a chance with FTM.
Fantom (FTM) Gearing Up for a SOL-Style Explosion, Says Analyst,Fantom (FTM) Gearing Up for a SOL-Style Explosion, Says Analyst
Exploding Solana: Reverses Losses After FTX
As of this writing, SOL has recovered all of its post-FTX losses and is trading at fresh 2023 highs. As of writing on November 3, the price was $39; nonetheless, according on the daily chart’s candlestick arrangement, the SOL uptrend is still there. In particular, SOL has increased by 190% from June 2023 highs and by 125% from September lows.
SOL has surpassed two of the biggest cryptocurrencies in the world, Bitcoin (BTC) and Ethereum (ETH), at current rate. This is the case even if Bitcoin is rising due to the general cryptocurrency community’s confidence that the US Securities and Exchange Commission (SEC) would approve the first Bitcoin exchange-traded fund (ETF) in the upcoming weeks.
Despite the SEC outlining a possible timeline for this product’s launch, there is generally trust.
Based on the SOL daily chart, the important response line that traders are keeping a careful eye on is the November 2022 high, which is around $36. Currently, there has been a cooling-off, but traders anticipate a reversal that would drive the coin higher in a bullish breakout pattern.
Fantom (FTM): Is It Ready For A 100% Increase?
According to Magnate, who shared the FTM daily and weekly charts, the coin looks to be rebounding from a crucial support zone. The weekly chart defines the uptrend. FTM is gaining traction and moving higher as bulls are supported by a shift in attitude brought about in part by fundamental developments and the general recovery.
According to the daily chart, FTM edged up to spot rates after finding support near the 2022 lows. Demand was sparked by this surge, which caused the currency to rise 35% from its October lows. Even yet, FTM has decreased by almost 65% from its peak in February 2023.
However, as the technical analyst says, FTM should track SOL and lift off by more than 100%; only time will tell. Even though there have been difficulties, some encouraging things have been happening. One such instance is the recent spike in Fantom’s on-chain activity noted by analytics platform Messari.
Their results showed that over the previous quarter, there was a 106% rise in the average number of new addresses added to the network each day. In contrast, within the same time frame, there was a 3% increase in the average daily count of active addresses.
Fantom (FTM) Gearing Up for a SOL-Style Explosion, Says Analyst,Fantom (FTM) Gearing Up for a SOL-Style Explosion, Says Analyst,Fantom (FTM) Gearing Up for a SOL-Style Explosion, Says Analyst, Fantom coin Crypto news, Fantom coin News