This Altcoin Could Explode Over 2.400%, Analyst Predicts

The cryptocurrency market ends 2024 with several analyses and predictions for the coming year. Among them, a projection from a renowned analyst stands out, suggesting a significant increase for an altcoin based on Ethereum. Amid discussions about the future of Bitcoin and other cryptocurrencies, this analysis brings a new focus to the ecosystem of layer 2 scaling solutions.

Trader Ali Martinez recently shared a chart analysis of the cryptocurrency Polygon (MATIC). According to the expert, Polygon has been forming a descending triangle pattern since 2021. This pattern, characterized by increasingly lower highs converging towards strong horizontal support at $0,285, is often interpreted as a sign of a possible breakout.

According to the analysis, if Polygon manages to close above the descending resistance line at $0,69, a significant move of high could be triggered. Based on the triangle structure, the target of this breakout could reach the $12 mark, which would represent an increase of approximately 2.400% compared to the current price. However, the analyst emphasizes that the confirmation of this scenario depends crucially on the closing above the mentioned resistance.

“This pattern shows lower highs pushing 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 major move. Based on the triangle structure, a breakout could target $12. Of course, everything depends on that close above resistance,” stated the analyst.

The unprecedented price predicted by the analyst would take the cryptocurrency to a new level. The highest price paid for POL (formerly MATIC) was $1,29, recorded on March 13, 2024 (10 months). At the time of publication, the Polygon price was quoted at $0,4743 with a 4% increase in the last 24 hours. In comparison, the current price is 63,19% lower than the all-time high.