The cryptocurrency market began 2024 on a high note with Bitcoin‘s price soaring over 7% on the second day of the year. Altcoins like Chainlink (LINK) and Polygon (MATIC) joined the rally, experiencing significant gains. According to seasoned crypto analyst Ali Martinez, the real surge for LINK and MATIC could be triggered by upcoming resistance breakouts.
Chainlink’s price increased by 5% in the last 24 hours amidst a market recovery, currently trading around $15.80 with a market cap of $8.9 billion. LINK faces a strong resistance at $17.5, a level it struggled to surpass last month. However, its recent recovery from $14 suggests a potential attempt to break this resistance.
Martinez pointed out that LINK is showing signs of a bull flag formation, suggesting that a clear candle close above $17.2 could confirm the breakout. He believes such a move could propel LINK towards $34, but advised caution, emphasizing the importance of monitoring the $14.2 support level, as falling below it could invalidate the bullish outlook.
Last week, Martinez highlighted the growing confidence among significant market players in Chainlink, citing over $105 million worth of LINK purchases by these investors.
In the midst of the market’s overall rise, MATIC, Polygon’s native asset, managed to break above $1. At the time of writing, MATIC is trading at $1.02, up 5.38%, with a market cap of $9.79 billion.
Martinez identified a potential breakout on the horizon for MATIC, noting that Polygon is on the verge of breaking through a significant symmetrical triangle formation. He advised investors to patiently wait for the formation to fully develop and become effective. He highlighted that the initial target for such a breakout for MATIC is $1.25, with the potential to rise towards $1.82 thereafter.