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

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	30,127,258,086	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

30,127,258,086

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0193	3.59%	0.5571	0.5572	0.5573

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0193

3.59%

0.5571

0.5572

0.5573

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.571	0.5326	0.538	0.5378	0.382490 - 0.852600

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.571

0.5326

0.538

0.5378

0.382490 - 0.852600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:59:29	940.56	0.5571	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:59:29

940.56

0.5571

USD

Price x Volume	Volume	Base Symbol	Related Pairs
52,027,767.78	94,704,711.47	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

52,027,767.78

94,704,711.47

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

04/11/2023 12:00am

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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