According to a popular crypto analyst, a chart pattern suggests an Ethereum (ETH) Layer 2 scaling solution altcoin could rise by 2,400%.
Trader Ali Martinez tells his 105,800 followers on social media platform X that Polygon (MATIC) has been building a multi-year descending triangle since 2021.
“This pattern shows lower highs heading towards strong horizontal support at $0.285, a classic setup for a potential breakout.” If Polygon closes above the descending resistance line at $0.69, we could see a big move. Based on the triangle structure, a breakout could target $12. Of course, it all depends on whether the price is just above resistance.”
At the time of writing, MATIC is trading at $0.453. The 127th-ranked crypto asset by market cap is down nearly 5% in the last 24 hours.
When it comes to Bitcoin (BTC), Martinez notes that the top crypto asset saw an increase in the buy/sell ratio of buyers on OKX.
“This suggests an increase in aggressive buying – a sign of impending bullish momentum!”
The taker buy/sell ratio is the ratio between the long and short volumes in the derivatives market.
Martinez also notes that Bitcoin “faces a difficult situation…”
