Is Fantom (FTM) About To Explode Like Solana (SOL)? This Analyst Thinks So

FTM, the native foreign money of the Fantom ecosystem, is perhaps the subsequent coin to comply with and maybe outperform Solana (SOL). This optimistic preview is by one technical analyst, “Magnate,” who, in an X submit on October 3, stated merchants who missed the SOL rally could have an opportunity with FTM. 

Solana Is Exploding: Reverses Put up-FTX Losses

At press time, SOL is buying and selling at new 2023 highs and has reversed all post-FTX losses. Altering fingers at $39 as of writing on November 3, the SOL uptrend stays, wanting on the candlestick association within the day by day chart. Particularly, SOL is up 125% from September lows and 190% from June 2023 highs. 

At this tempo, SOL has outpaced Bitcoin (BTC) and Ethereum (ETH), two of the world’s largest cryptocurrencies. That is regardless of Bitcoin, buoyed by the broader crypto’s optimism of the US Securities and Alternate Fee (SEC) approving the primary spot Bitcoin exchange-traded fund (ETF) within the coming weeks. The final confidence is regardless of the SEC laying out a possible timeframe for when this product will go stay.

Wanting on the SOL day by day chart, main assist is across the November 2022 excessive at round $36–a key response line merchants are intently monitoring. As it’s, there was a cool-off, however merchants are assured of a pullback, pushing the coin again increased in a bullish breakout formation. 

Is Fantom (FTM) Getting ready For A 100% Surge?

Magnate, sharing the day by day and weekly charts of FTM, famous that the coin seems to be bouncing off a crucial assist zone. Within the weekly chart, the uptrend is outlined. FTM is choosing momentum, edging increased as confidence, partly because of elementary occasions and the restoration throughout the board, is altering sentiment, propping bulls. 

From the day by day chart, FTM discovered assist at 2022 lows earlier than edging increased to identify charges. This leg up has catalyzed demand, lifting the coin 35% from October lows. Nonetheless, FTM is down roughly 65% from February 2023 highs.

Even so, solely time will inform if FTM will observe SOL, lifting off by over 100%, because the technical analyst predicts. Though there have been some challenges, there are additionally some constructive developments happening. One such growth is that Messari, an analytics platform, lately noticed a surge in Fantom’s on-chain exercise. 

Based on their findings, the common variety of new addresses added to the community day by day elevated by 106% within the final quarter. As compared, the common variety of lively addresses per day rose by 3% in the identical interval.

Function picture from Canva, chart from TradingView