Large-Cap Ethereum-Based Altcoin on the ‘Verge of a Breakout,’ Could Explode by Over 60%, According to Trader

December 28, 2023

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.”