Ali Martinez, one of the well-known analysts of the cryptocurrency world, made an unbelievable prediction for an altcoin listed on Binance in his latest statement.
The analyst began by specifically clarifying that his prediction was not a sponsored post.
According to Martinez, almost all investors who have held Polygon (POL) since the last bull cycle are still at a loss. According to the data, only 15.11% of POL wallets are currently in the green zone. The analyst believes this is a positive as he does not foresee any profit taking anytime soon.
The analyst said that when on-chain data was examined, new investors also slowly started to take positions. He argued that this was evident from POL's active addresses, transaction volume and whale activity.
In addition, he added that crypto whales have been purchasing POL recently, with the total purchase reaching 140 million POL tokens. Therefore, he stated that the absence of a major selling pressure and the purchase of whales improved the technical analysis of this token.
Ali Martinez claimed that POL is inside a multi-year descending triangle formation, and a close above $0.7973 could trigger a rally that could take the token’s price to between $15.27 and $36.17.
However, he added that he still set stop-loss levels and that a loss of the support zone between $0.375 and $0.386 would invalidate this scenario.
*This is not investment advice.