Cryptocurrency analyst and trader Ali Martinez is leaning cautiously bullish on an Ethereum-based altcoin.
Martinez tells his 70,300 followers on the social media platform X that the native token of the Ethereum (ETH) scaling solution Polygon (POL) is forming a descending triangle pattern, on the weekly chart.
A descending triangle pattern is typically considered a bearish signal.
According to Martinez, POL could appreciate by 155% from the current level if the support area at around the $0.34 price holds up.
POL is trading at $0.369 at time of writing.
If Polygon’s $0.34 support level fails, Martinez says,
“However, if it breaks, a correction down to $0.19 is possible.”
Next up is Bitcoin (BTC). Martinez says that earlier in the year, the Tom DeMark (TD) Sequential indicator, a tool used in technical analysis to identify potential trend reversals, turned bearish. According to the analyst, Bitcoin must maintain the $51,000 support level or risk plunging to $40,600.
Bitcoin is trading at $56,718 at time of writing.
Turning to Solana (SOL), Martinez says,
“The TD Sequential indicator has flashed a buy signal on the Solana daily chart, suggesting a potential rebound of one to four daily candlesticks.”
Next up is the native token of The Open Network layer-1 blockchain Toncoin (TON). According to Martinez, Toncoin has to reclaim the support level at around $4.70 to avoid a double-digit crash.
“If TON fails to do so, a 45% correction down to $2.60 could be likely.”
TON is trading at $4.67 at time of writing.
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The post Trader Says Ethereum-Based Altcoin Could Explode by Over 150%, Updates Outlook on Bitcoin, Solana and Toncoin appeared first on The Daily Hodl.
