Large-Cap Ethereum-Based Altcoin on the ‘Verge of a Breakout,’ Could Explode by Over 60%, According to Trader
Cryptocurrency analyst and trader Ali Martinez is expressing bullish sentiment on a leading Ethereum layer-2 altcoin.
Martinez tells his 37,900 followers on the X social media platform that Polygon (MATIC) could surge by nearly 65% from the current level and hit a price of $1.73 if it breaks out of a key resistance level.
According to Martinez, Polygon is on the “verge of a breakout from a symmetrical triangle” that started forming in 2022. Symmetrical triangles can either be bullish or bearish – bullish when the price breaks out to the upper trendline and bearish when the price breaks down to the lower trendline.
Polygon is trading at $1.05 at time of writing.
Next up is Bitcoin (BTC). Martinez says that the price of the flagship crypto asset is ranging within a parallel channel and a fall below the $42,400 support level could see Bitcoin fall to $40,700.
“On the flip side, a rebound from here might set the stage for an upswing toward $44,400.”
Bitcoin is trading at $43,069 at time of writing.
Next up is decentralized virtual reality network The Sandbox (SAND). The crypto trader and analyst says that SAND’s user metrics are signaling a potential uptrend.
“In the last 24 hours, there’s been a marked increase in SAND transactions over $100,000. This uptick indicates rising interest from institutional players and whales in SAND, often a precursor to notable price spikes.”
SAND is trading at $0.605 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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