Cryptocurrency analyst Ali Martinez has issued a bold prediction for Polygon (POL), forecasting a potential price explosion that could see the token surge to between $15.27 and $36.17. Martinez said that his analysis is independent and not sponsored.
According to Martinez, the current market landscape for POL is surprisingly positive. He points out that a significant majority (84.89%) of wallets holding POL since the last bull market are currently underwater. While this might seem bearish at first glance, Martinez argues that it actually reduces the risk of a profit-taking sell-off, as long-term holders are unlikely to sell at a loss.
Furthermore, on-chain data suggests a growing influx of new investors accumulating POL. Martinez cites increasing active addresses, trading volume, and whale activity as evidence of this trend. He highlights the recent acquisition of 140 million POL tokens by cryptocurrency whales, further bolstering the positive outlook.
Technically, Martinez identifies a multi-year descending triangle pattern forming for POL. A decisive close above $0.7973, he believes, could act as the catalyst for a massive rally. This would represent a potential increase of between 1,815% and 3,770% from the current price.
However, Martinez acknowledges the inherent risks in the cryptocurrency market. He advises investors to implement stop-loss orders, specifically noting that a breach of the support zone between $0.375 and $0.386 would invalidate his bullish scenario.
