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A closely followed crypto analyst believes that one Ethereum (ETH) challenger is gearing up for a breakout rally on the way to printing gains of about 200%.

Trader Ali Martinez tells his 37,800 followers on the social media platform X that the smart contract platform Fantom (FTM) appears to be forming a large bullish reversal pattern on the weekly chart.

According to Martinez, a move above the patterns resistance will trigger a rally that can send the altcoin to a level last seen in April 2022.

Fantom appears to form a W pattern on its weekly chart. If FTM sustains a weekly close above $0.57, it will confirm this bullish formation and march toward $1.60!

At time of writing, FTM is trading for $0.532.

The trader is also closely following the price action of the iris biometric cryptocurrency project Worldcoin (WLD). According to the analyst, WLD is now trading above the diagonal resistance of a bullish continuation pattern.

Worldcoin shows signs of a breakout from a bull flag on its four-hour chart! If confirmed, this could pave the way for WLD to enter an 80% rally, targeting $6.30.

At time of writing, WLD is trading at $3.67, down over 5% in the last 24 hours but still above the analysts diagonal resistance.

Looking at the blockchain-based gaming ecosystem The Sandbox (SAND), the analyst thinks that the altcoin is poised to move higher after moving a resistance level based on the number of wallets holding SAND at key price levels.

The Sandbox above $0.55 presents a bullish opportunity! With a clear path ahead and no major resistance, SAND could aim higher. The next critical resistance wall is between $0.90 and $1.35, where 23,000 addresses hold 447 million SAND.

At time of writing, SAND is worth $0.61.

Generated Image: Midjourney

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Analyst Predicts 200% Rally for Ethereum Competitor, Says One Low-Cap Altcoin Showing Signs of a Breakout - The Daily Hodl