Cryptocurrency Trader Suggests Bitcoin May Be Developing a Positive Pattern, Provides Updated Analysis on Solana and Polygon

An eminent cryptocurrency market analyst notes that Bitcoin (BTC) could be developing a favorable chart pattern that may lead to a substantial price rally.

During a recent market analysis update, the crypto investor Ali Martinez mentioned to his audience of 69,300 on social media site X that there’s a possibility for Bitcoin to experience an increase exceeding 7% from its present price in the short term.

“We may see Bitcoin crafting a bull pennant on shorter timeframes, which could indicate an upwards move towards $64,000!”

As of the moment, Bitcoin’s trading price is $59,655, having increased marginally over the past day.

Further, this analyst cautions that Ethereum (ETH) challenger Solana (SOL) could be exhibiting a negative chart formation, with a potential 16% drop if it cannot maintain support at $141.

“There’s a potential head and shoulders formation on Solana’s hourly chart, suggesting a fall below $141 could initiate a correction, possibly dropping SOL to $122!”

Currently, Solana is priced at $146, with a slight uptick noted in the last day.

To conclude, the analyst expresses an optimistic view on the layer-2 scaling solution Polygon (MATIC), albeit with caution concerning a potential correction in the near term.

“Polygon’s MATIC could deliver outstanding performance during an altcoin season! But hold off on aggressive investing until we know for sure; a weekly close below $0.30 could disrupt the bullish forecast.”

The current trading price of MATIC stands at $0.41, witnessing a minimal decline from yesterday.

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Disclaimer: Views expressed at The Daily Hodl are not meant as investment recommendations. Investors are urged to perform their own due diligence prior to engaging in high-risk Bitcoin, cryptocurrency, or digital asset investments. Be aware that all your trading and transfer actions are your own responsibility, and any losses that may occur are yours to bear. The Daily Hodl is not an investment advisory service, nor does it advocate the purchase or sale of any cryptocurrencies or digital assets. The Daily Hodl may participate in affiliate marketing programs.

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