Crypto analyst and investor Ali Martinez expressed optimism for a leading Ethereum Layer-2 altcoin, Polygon (MATIC), pointing out critical levels that could indicate a significant price increase. Martinez suggested that if Polygon overcomes a major resistance level, it could potentially rise by about 65% from its current price to reach $1.73. He indicated that the popular altcoin might be on the verge of breaking out from a symmetrical triangle pattern formed since 2022, which could signal either an uptrend or downtrend depending on the direction of the breakout.
At the time of the report, Polygon was trading at $1.05. Shifting focus to Bitcoin (BTC), the leading cryptocurrency, Martinez analyzed its price movement within a parallel channel, suggesting that a drop below the $42,400 support level could lead to a decline to $40,700. However, he mentioned that a recovery from this point could set the stage for a rise to $44,400. Bitcoin was trading at $43,069 at the time of the analysis.
Furthermore, the crypto analyst examined the decentralized virtual reality network Sandbox (SAND), noting a significant increase in transactions over $100,000 within the last 24 hours. This uptick in activity indicated growing interest from institutional players and whales in SAND, which is often a precursor to notable price increases.
In conclusion, crypto analyst Ali Martinez forecasted a 65% surge for Polygon (MATIC), emphasizing the importance of a specific resistance level. He mentioned that a breakout from a symmetrical triangle formation could signal an upward trend. Additionally, he discussed Bitcoin’s price fluctuations within a parallel channel and the implications of falling below key support levels on BTC’s value.