The cryptocurrency market made a positive start to 2024 as the price of Bitcoin (BTC) rose over 7% on the second day of the year. Altcoins such as Chainlink (LINK) and Polygon (MATIC) also joined the rising trend. According to experienced cryptocurrency analyst Ali Martinez, the real surge for LINK and MATIC will be triggered by breaking through major resistance levels ahead.
Chainlink’s Price Could Rise to $34
Chainlink‘s price increased by 5% in the last 24 hours amidst a market-wide recovery and is currently at $15.80 with a market capitalization of $8.9 billion. LINK’s price faces strong resistance at the $17.5 level, which it tried and failed to surpass twice last month, but its recovery from $14 suggests it may attempt to break this upward resistance again.
Crypto analyst Martinez suggests that LINK is showing signs of forming a bull flag pattern. A clear candle close above the $17.2 level would confirm the breakout of this formation. According to the analyst, such a price movement could act as a catalyst pushing LINK towards the $34 level. However, Martinez advises caution and emphasizes the importance of closely monitoring the support at $14.2, as a drop below this critical level could invalidate the current bullish outlook for LINK.
Last week, Martinez highlighted the growing confidence in Chainlink among significant market players, pointing to the purchase of over 7 million LINK worth more than $105 million from these investors as evidence.
Polygon to Reward Patient Investors
Amidst today’s general market rise, Polygon‘s native asset MATIC also managed to make a significant move above $1. At the time of writing, MATIC is trading at $1.02, up 5.38%, with a market capitalization of $9.79 billion.
Martinez has identified a significant development for MATIC, indicating a potential breakout on the horizon. According to the analyst, Polygon is on the verge of breaking and surpassing a notable symmetrical triangle formation. In light of this observation, the analyst recommends that investors patiently wait for the formation to fully develop and take effect.
As the analyst pointed out, the initial target for such a breakout for MATIC stands at the $1.25 level. Following this potential breakout, an upward movement towards $1.82 could be expected.
