Fantom (FTM) Could Be the Next Coin to Follow Solana’s Success
According to technical analyst “Magnate,” there is optimism surrounding the potential of FTM, the native currency of the Fantom ecosystem. For traders who missed out on the Solana (SOL) rally, FTM might offer a chance for significant gains.
Solana Continues Its Bullish Trend
SOL is currently trading at new 2023 highs and has reversed all losses it experienced after the FTX incident. With a price of $39 as of writing on November 3, SOL has seen an uptrend in its candlestick arrangement on the daily chart. It is up 125% from September lows and 190% from June 2023 highs.
SOL has outperformed Bitcoin (BTC) and Ethereum (ETH), despite Bitcoin’s recent optimism regarding the approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC. The primary support for SOL is around $36, which is a key reaction line that traders are closely monitoring.
Is Fantom (FTM) Poised for a Surge?
Focusing on FTM, Magnate points out that the coin seems to be bouncing off a critical support zone. The weekly chart shows an uptrend, with FTM gaining momentum and increasing in value. Confidence is growing, driven by fundamental events and the recovery across the cryptocurrency market.
In the daily chart, FTM found support at 2022 lows and has been moving higher since then. This increase has generated demand, resulting in a 35% rise from October lows. However, FTM is still down approximately 65% from its February 2023 highs.
While only time will tell if FTM will follow SOL’s path and experience a surge of over 100%, there are positive developments taking place. Messari, an analytics platform, recently observed a significant increase in Fantom’s on-chain activity. The average number of new addresses added to the network daily rose by 106% in the last quarter.
Meanwhile, the average number of active addresses per day increased by 3% during the same period.
Hot Take: Fantom (FTM) Has Potential to Outperform Solana (SOL)
FTM, the native currency of the Fantom ecosystem, could be the next coin to follow in Solana’s footsteps and potentially surpass its success. Technical analyst “Magnate” suggests that traders who missed out on SOL’s rally may have an opportunity with FTM. With positive developments such as increased on-chain activity and growing confidence in the market, FTM’s surge of over 100% is not out of the question. Keep an eye on FTM as it continues to gain momentum and potentially outperform SOL.
By
By
By
By
By
By