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Crypto analyst and investor Ali Martinez expressed his bullish expectations for a leading Ethereum Layer-2 altcoin, highlighting critical levels for Polygon (MATIC).
Polygon’s Price Breakout
Crypto expert Ali Martinez informed his social media followers that if Polygon (MATIC) surpasses a significant resistance level, it could rise about 65% from its current level to reach a price of $1.73. According to Martinez, the popular altcoin Polygon might be on the verge of breaking out from a symmetrical triangle that started forming in 2022. Symmetrical triangles can indicate an upward or downward trend, with a breakout towards the upper trend line suggesting an uptrend and a breakdown indicating a downtrend.
At the time of writing, Polygon was trading at $1.05. The expert analyst then discussed the leading cryptocurrency, Bitcoin (BTC), stating that its price was fluctuating within a parallel channel and that a fall below the $42,400 support level could lead to Bitcoin dropping to $40,700. The senior analyst stated:
On the other hand, a rebound from here could set the stage for a rise to $44,400.
Bitcoin was trading at $43,069 at the time the article was written.
Increase in SAND Transactions
Next, the crypto analyst examined the decentralized virtual reality network Sandbox (SAND), noting that the popular altcoin’s user metrics indicated a potential uptrend. He concluded his remarks by saying:
In the last 24 hours, there has been a significant increase in SAND transactions exceeding $100,000. This surge indicates 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% rise for Polygon (MATIC), emphasizing a specific resistance level. Martinez indicated that the altcoin could receive a breakout signal from a symmetrical triangle formation, which could suggest an uptrend. Additionally, he mentioned that Bitcoin’s price was fluctuating in a parallel channel and that falling below certain support levels could lead to a depreciation in BTC’s value.
