Top Analyst Says Polygon Has Plenty of Fuel in the Tank, Updates Outlook on Bitcoin, Ethereum and Solana
A widely followed strategist is saying that he is bullish on the Ethereum (ETH) scaling solution Polygon (MATIC) while offering his outlook on three other crypto assets.
The crypto strategist pseudonymously known as Bluntz tells his 229,400 followers on the social media platform X that Polygon has more upside potential.
Bluntz says that Polygon witnessed an “immaculate vertical accumulation” over the weekend – or a series of higher highs and higher lows which typically signifies a bullish trend.
The analyst shares a chart that shows MATIC surging to his target of $1.
“Plenty of juice in the tank in my opinion, would be targeting at least new highs.”
Polygon is trading at $0.777 at time of writing, up over 4% in the past day.
Turning to Bitcoin (BTC), the pseudonymous strategist says that he expects the flagship crypto asset to rally after completing the last leg down of a triangle pattern.
“Saw a lot of BTC doom and gloom posts but the fact is, it’s still ranging and contracting in three-wave moves.
My bias is this breaks up and today’s flush was the final E wave of a triangle.”
Bitcoin is trading at $37,310 at time of writing, up over 2% in the last 24 hours.
Next up is Ethereum. Bluntz says that the second-largest crypto asset by market cap could witness a strong burst to the upside if it manages to take out a key resistance level that has held for over a year.
“I don’t know exactly when this $2,180 ETH resistance gives way but when it does, it will be 525 days of pent-up frustration ready to blow.”
Ethereum is trading at $2,062 at time of writing.
As for Solana (SOL), the pseudonymous strategist says that the sixth-largest crypto asset by market cap is primed to print a new 2023 high after completing an ABC correction and respecting support at around $51 despite flashing a potential breakdown from a head and shoulders reversal pattern.
“I think head and shoulder bros are about to get baited big time on SOL.”
Solana is trading at $57.96 at time of writing, well above the bottom of the recent corrective move.
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Author: Mark Emem
