Crypto analyst and investor Ali Martinez has suggested that a decentralized exchange based on Ethereum could be in the midst of a significant bullish movement. Regarding Uniswap (UNI), Martinez pointed out that the invalidation of the ascending triangle formation on the weekly chart could be a “breakout signal.”
Typically considered a continuation pattern in a bull market, the opening of the ascending triangle formation and a close above $5.70 for Uniswap could potentially lead to a 62% increase in UNI’s price, reaching $10.
Martinez also commented on Polygon (MATIC), Ethereum’s scaling solution, stating that it could face selling pressure if it fails to surpass a critical price level. He mentioned that if MATIC falls below the significant supply zone between $0.84 and $0.86, where 14,240 addresses hold 4.13 billion MATIC tokens, significant losses could be expected, prompting investors to start selling.
Regarding Chainlink (LINK), Martinez suggested that it could revisit and even surpass its highest level in 2023 at $16.62. He stated that if Chainlink remains above the important demand zone with minimum resistance and strong support, LINK could climb to new highs this year.
At the time of writing, the popular altcoin LINK was trading at $14.34.