Trader Predicts Ethereum Layer-2 Token Could Soar by Over 70%
Crypto trader Ali Martinez believes that Polygon (MATIC), a leading Ethereum scaling project, has the potential to appreciate significantly in the long term. Martinez suggests that if a major support level holds, MATIC could rally by around 77% to a price last seen in February 2022.
Martinez, who has a following of 46,800 on Twitter, sees promising signs for Polygonโs future. He points out that there is a multi-year symmetrical triangle pattern forming, and if MATIC can maintain a close above $0.96, it could indicate the start of a bullish rally with a potential target of $1.73.
Bitcoin Whales Accumulating
In addition to his analysis on Polygon, Martinez also comments on Bitcoin. He observes that the behavior of Bitcoinโs largest whales suggests an expectation of further upside. While some whales are selling to capitalize on recent price movements, the largest whale cohort (holding between 1,000 and 100,000 BTC) is accumulating Bitcoin. This accumulation trend is typical of bull markets and indicates confidence in the marketโs potential for further gains.
Current Prices
At the time of writing, Polygon (MATIC) is trading at $0.977, showing a 38% increase over the past four weeks. Bitcoin (BTC) is currently priced at $51,647.
Hot Take: Positive Outlook for Polygon and Bitcoin
Trader Ali Martinez predicts that Polygon (MATIC) could soar by over 70% if it maintains its major support level. Additionally, he notes positive accumulation patterns among Bitcoinโs largest whales, suggesting confidence in further price gains for the flagship cryptocurrency.
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