Trader claims Ethereum-based token could explode 150%

The cryptocurrency market continues to attract the attention of analysts looking to predict the next moves of digital assets. Cryptocurrency analyst Ali Martinez expressed cautious optimism regarding the native token of Polygon (POL), an Ethereum-based scaling solution. However, he also warned of potential downsides.

In a recent analysis shared with his 70,000+ followers on the X platform (formerly Twitter), Martinez highlighted that the POL token is forming a descending triangle pattern on the weekly chart. This is typically interpreted as a bearish signal. However, the analyst sees significant upside potential if support around $0.34 holds.

According to Martinez, the token’s price could jump 155% from the current level to $0.94 if the support proves to be strong. At the time of analysis, the token was trading at $0.38, relatively close to the aforementioned critical support zone. According to data from CoinGecko, the POL token’s price has increased by around 3.0% in the last 24 hours.

Positive projection for Ethereum token

On the other hand, Martinez warns that if this support level is broken, a severe correction could occur, with the price falling to as low as $0.19. This puts investors on alert, closely monitoring market movements to make strategic decisions.

In addition to the POL token, the analyst also shared his views on Bitcoin (BTC). According to him, the Tom DeMark (TD) Sequential technical indicator, which helps identify trend reversals, signaled a possible drop for BTC earlier this year. Martinez highlights that Bitcoin needs to hold support at $51,000 to avoid a sharp drop to $40,600.

Another asset under analysis is Solana (SOL), which Martinez said has shown a buy signal on the daily chart. This suggests a potential one- to four-day rally. Finally, Martinez also commented on Toncoin (TON), which needs to reclaim support at $4.70 to avoid a 45% correction that could take the token’s price to $2.60.

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