Donald Trump’s presidential victory gave an unprecedented boost to the Cryptocurrency market, leading major assets like Bitcoin (CRYPTO: BTC) to new highs.
However, the bull market has also managed to draw attention to those altcoins that have struggled to gain traction this year.
What happened: Polygon (CRYPTO: MATIC), now rebranded as POL, has been one of the biggest beneficiaries, rising more than 61% in the last month. The token hit a five-month high earlier this week.
In fact, the coin’s 30-day gains have significantly surpassed those of top cryptocurrencies like Bitcoin and Ethereum (CRYPTO: ETH), which rose almost 36%.
The influential cryptocurrency analyst Ali Martinez Foresaw strong upside potential for POL, based on multiple bullish indicators.
In an X post on Monday, Martínez highlighted that despite the rally, only about 15% of POL holders were in profit, reducing the possibility of immediate sales.
I have a wild price prediction for #Polygon $POL Many will think that this post is sponsored… But it is not!
So let’s dive in! 👇🧵
— Ali (@ali_charts) November 25, 2024
Additionally, on-chain activity showed promise, with active addresses, transaction volume, and whale transactions seeing increases.
In fact, whales have been on an accumulation streak, acquiring millions of POL tokens.
With no “major” selling pressure and growing interest from whales, Martínez issues a bold forecast.
“I think POL is consolidating in a multi-year descending triangle, and a weekly close above $0.7973 could trigger a rally towards $15.27 or $36.17,” he said.
This would represent an impressive increase from the current level, in the range of 2725%-6592%.
See also: Cryptocurrency Analyst: Bitcoin Set to Soar to $180K and ‘Eventually’ Top $1M
Several technical indicators also showed a bullish signal for POL.
The Moving Average Convergence/Divergence (MACD), a trend-following momentum indicator that shows the relationship between two moving averages (MAs), showed a “Buy” signal, according to TradingView data.
Furthermore, most MAs, including exponential and simple, gave a bullish prediction.
That said, the derivatives market was anticipating price declines as the number of traders leveraged to the downside in the currency outnumbered those placing bullish bets, according to Long/Short Ratio data.
Price Action: At the time of writing, POL was trading at $0.5405, a decrease of 2.75% in the last 24 hours, according to data from Benzinga Pro. The coin has lagged other cryptocurrencies in 2024, falling more than 46% so far this year.
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