Analyst Predicts Polygon Could Soar 2,400% as Ethereum Scaling Gains Momentum

A renowned crypto expert believes Polygon (MATIC) could see a massive 2,400% price surge based on a multi-year chart pattern.

Ali Martinez points out that MATIC has formed a descending triangle since 2021, with lower highs converging toward a key horizontal support at $0.285.

According to Martinez, a close above the descending resistance line at $0.69 could open the door for a significant rally, potentially aiming for a target of $12.

At the time of his analysis, MATIC was trading around $0.453, nearly 5% lower over the previous 24 hours.

Turning his attention to Bitcoin ( BTC ), Martinez notes a spike in the taker buy/sell ratio on the derivatives exchange OKX, indicating a rise in aggressive buying that could suggest upward momentum.

However, he cautions that Bitcoin must overcome heavy resistance in the range of $95,090 to $99,800, where 2.4 million wallets have previously acquired more than 2.28 million BTC.