Is Fantom (FTM) About To Explode Like Solana (SOL)? This Analyst Thinks So
November 03 2023 - 7:00PM
NEWSBTC
FTM, the native currency of the Fantom ecosystem, might be the next
coin to follow and perhaps outperform Solana (SOL). This optimistic
preview is by one technical analyst, “Magnate,” who, in an
X post on October 3, said traders who missed the SOL
rally may have a chance with FTM. Solana Is Exploding:
Reverses Post-FTX Losses At press time, SOL is trading at new 2023
highs and has reversed all post-FTX losses. Changing hands at $39
as of writing on November 3, the SOL uptrend remains, looking at
the candlestick arrangement in the daily chart. Specifically, SOL
is up 125% from September lows and 190% from June 2023 highs.
At this pace, SOL has outpaced Bitcoin (BTC) and Ethereum (ETH),
two of the world’s largest cryptocurrencies. This is despite
Bitcoin, buoyed by the broader crypto’s optimism of the United
States Securities and Exchange Commission (SEC) approving the first
spot Bitcoin exchange-traded fund (ETF) in the coming weeks. The
general confidence is despite the SEC laying out a potential
timeframe for when this product will go live. Related Reading:
Ripple Achieves Regulatory Approval To Offer XRP Services Looking
at the SOL daily chart, primary support is around the November 2022
high at around $36–a key reaction line traders are closely
monitoring. As it is, there has been a cool-off, but traders are
confident of a pullback, pushing the coin back higher in a bullish
breakout formation. Is Fantom (FTM) Preparing For A 100%
Surge? Magnate, sharing the daily and weekly charts of FTM, noted
that the coin appears to be bouncing off a critical support zone.
In the weekly chart, the uptrend is defined. FTM is picking
momentum, edging higher as confidence, partly due to fundamental
events and the recovery across the board, is changing sentiment,
propping bulls. Related Reading: This Chainlink Metric Just
Hit Meteoric Levels – Good News For LINK Price? From the daily
chart, FTM found support at 2022 lows before edging higher to spot
rates. This leg up has catalyzed demand, lifting the coin 35% from
October lows. Still, FTM is down approximately 65% from February
2023 highs. Even so, only time will tell if FTM will track SOL,
lifting off by over 100%, as the technical analyst predicts.
Although there have been some challenges, there are also some
positive developments taking place. One such development is that
Messari, an analytics platform, recently observed a surge
in Fantom’s on-chain activity. According to their findings,
the average number of new addresses added to the network daily
increased by 106% in the last quarter. In comparison, the average
number of active addresses per day rose by 3% in the same period.
Feature image from Canva, chart from TradingView
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