A well-known analyst is feeling optimistic about an Ethereum (ETH) competitor that looks ready for significant growth. They believe this cryptocurrency could catch up with other top players in the market.

In a recent video update, the analyst, known as Rager, shared their thoughts with 197,800 followers on the social media platform X. Rager stated that Fantom (FTM) is among their top investment choices for the upcoming year.

Rager mentioned that the upcoming migration of Fantom to Sonic could help the altcoin reach its previous all-time highs. “If you just look at the Fantom chart, you’ll see how high it can go. The all-time high is around $3.30 to $3.50. That puts its market cap at about $10 to $11 billion,” they explained.

Right now, Fantom has a market cap of under $2 billion and is trading at around $0.70. Rager believes that as Layer 1 (L1) and Layer 2 (L2) solutions evolve, Fantom or Sonic could climb into the top 20 cryptocurrencies.

“I’m confident that Fantom can hit or exceed its all-time highs,” Rager added. “The Sonic migration is a really bullish sign for the token. Where it’s sitting right now is a great spot.”

Sonic is set to be Fantom’s next-generation blockchain. It aims to significantly enhance network scalability. It can process 2,000 transactions per second and is expected to cut storage requirements by up to 90%.

The migration to Sonic is expected in the fourth quarter of this year, but the exact date is still unknown.

Rager also sees potential for Fantom to mirror the impressive rally that Solana (SOL) experienced from September 2023 to March of this year. “Anything under a dollar, with the current chart, is a good opportunity for Fantom. There’s a major gap and catch-up that will happen over time,” they said.

Rager referenced Solana’s price surge from $20 to $200, suggesting that a similar rise could be in store for FTM. “I do think it could reach over $3 or $4 or even higher,” they concluded.

As of the latest update, FTM is trading at $0.67.