Trader Says Ethereum Layer-2 Token Flashing ‘Promising Signs,’ Predicts the Altcoin Could Soar by Over 70%

By The Daily Hodl February 24, 2024 In Bitcoin, Ethereum, Polygon
Source: Ali Martinez/X

Trader Ali Martinez is saying that a leading Ethereum (ETH) scaling crypto project could appreciate by double digits over the long term.

Martinez tells his 46,800 followers on the social media platform X that Polygon (MATIC) could rally by around 77% to a price last reached in February of 2022 if a major support level holds.

“Polygon shows promising signs from a long-term perspective. The prevailing pattern appears to be a multi-year symmetrical triangle.

If MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73!”


Source: Ali Martinez/X

Polygon is trading at $0.977 at time of writing, up by around 38% over the past four weeks.

Turning to Bitcoin (BTC), the cryptocurrency trader says that the behavior of the flagship digital asset’s largest whales suggests the expectation of more upside.

“The behavior of crypto whales is currently mixed, with some buying while others are selling to capitalize on recent price movements.

However, when focusing on the largest whale cohort, those holding between 1,000 and 100,000 BTC, there’s a clear trend of accumulation. This pattern is typical of bull markets, indicating a positive outlook among these major holders.

They began purchasing BTC around $29,000 and accelerated their buying once the price surpassed $46,000. This collective action suggests confidence in the market’s potential for further gains despite minor short-term corrections along the way.”

Source: Ali Martinez/X

Bitcoin is trading at $51,647 at time of writing.

Generated Image: DALLE3

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