I have recently noticed that FTM price is almost exactly following SOL intraday. If you watch an intraday chart it is almost to the tick they are tracking with each other. When I zoom out I see they have been following each other closely since mid June. Unsure why besides they are both L1s, but I have not noticed this with other L1s and SOL. Today when SOL was experiencing technical problems and went down, FTM was still up and working fine, yet FTM price followed SOL to the downside. When SOL bounced later this evening, FTM bounced as well. How much longer this correlation continues I don't know, but it will be interesting see what happens if/when they do decouple. Thoughts?
I am long FTM so am certainly biased, but with transaction and TVL growth in FTM going up so dramatically lately and a niche being carved out as a great L1 for gaming, I see FTM as undervalued and more upside to come as opposed to SOL if they decouple. For now it seems FTM price is getting carried along in the slipstream.
Edit: SOL in orange, FTM in blue, if you couldn't tell.
I am long FTM so am certainly biased, but with transaction and TVL growth in FTM going up so dramatically lately and a niche being carved out as a great L1 for gaming, I see FTM as undervalued and more upside to come as opposed to SOL if they decouple. For now it seems FTM price is getting carried along in the slipstream.
Edit: SOL in orange, FTM in blue, if you couldn't tell.