A closely followed crypto analyst said he is bullish on popular altcoin Polygon (MATIC) while also updating his views on three different crypto assets.
The cryptocurrency market is flooded with altcoins that have shown remarkable performance lately. One of these altcoins, Polygon (MATIC), was highlighted for its future upside potential by a crypto strategist who goes by the pseudonym Bluntz. Bluntz’s analysis is based on Polygon’s strong performance over the weekend.
Bluntz noted that Polygon’s graphics show “seamless vertical accumulation.” This typically includes a series of “higher highs” and “higher lows” that indicate the price of an asset rising and falling. This type of price movement signals to investors in technical analysis that there is a strong uptrend.
According to the analyst, an uptrend towards MATIC’s $1 target is clearly emerging. Bluntz used MATIC’s relevant charts to support this prediction. shared. These charts show technical indicators and trend lines that support Polygon’s potential for future value growth.
Polygon is trading at $0.777 at press time.
The pseudonymous strategist, who also studies Bitcoin (BTC), expects the leading crypto asset to recover after completing the recent decline of the triangle formation.
“I have seen a lot of BTC doomsday scenarios and gloomy posts but the truth is that it is still shifting and contracting in three wave movements. “My bias is that there is an upside breakout and today’s decline is the last E wave of the triangle.”
Another altcoin on the analyst’s radar is Ethereum. Bluntz claims that the second-largest crypto asset by market cap could witness a strong rally if it manages to break through the key resistance level that has been around for over a year.
“I don’t know exactly when this $2,180 ETH resistance will break but when it does, 525 days of pent-up frustration will be ready to explode.”
As for Solana (SOL), the strategist noted that the sixth-largest crypto asset by market cap maintained support around $51 despite completing the ABC correction and signaling a potential breakout from the head-and-shoulders reversal pattern. The analyst says SOL is poised to create a new 2023 top.
“I think the head and shoulders brothers are about to fall into a big trap regarding the SOL.”
Solana is trading at $57.96, well above the low of the last correction.
You can follow the current price movement here.