Analyst Bullish on Polygon’s Potential, Reassesses Bitcoin, Ethereum, and Solana Perspectives

Crypto Analyst Bullish on Polygon (MATIC)

A widely followed strategist, known as Bluntz, expresses bullish sentiments towards Polygon (MATIC), Ethereum’s scaling solution. With a significant social media following of 229,400 on X platform, Bluntz shares insights on the crypto market.

Bluntz observes an “immaculate vertical accumulation” in Polygon’s recent performance, indicating a series of higher highs and higher lows—a bullish trend. Sharing a chart, he points out MATIC surging towards his $1 target. He emphasizes, “Plenty of juice in the tank in my opinion, would be targeting at least new highs.” At the time of writing, Polygon is trading at $0.777, reflecting over a 4% increase in the past day.

Bitcoin (BTC) Outlook

Turning attention to Bitcoin, Bluntz anticipates a rally after what he describes as the completion of the last leg down of a triangle pattern. Despite some pessimistic sentiment circulating, he notes that Bitcoin is still ranging and contracting in three-wave moves. Bluntz asserts, “My bias is this breaks up and today’s flush was the final E wave of a triangle.” Bitcoin is currently trading at $37,310, reflecting a more than 2% increase in the last 24 hours.

Ethereum (ETH) Analysis

Bluntz shares insights on Ethereum, the second-largest crypto asset by market cap. He suggests that Ethereum could experience a strong upward movement if it manages to surpass a key resistance level that has held for over a year. Bluntz expresses, “I don’t know exactly when this $2,180 ETH resistance gives way but when it does, it will be 525 days of pent-up frustration ready to blow.” Ethereum is currently trading at $2,062.

Solana (SOL) Potential

Bluntz’s attention shifts to Solana (SOL), the sixth-largest crypto asset by market cap. He believes SOL is poised to achieve a new 2023 high after completing an ABC correction and respecting support at around $51, despite indications of a potential breakdown from a head and shoulders reversal pattern. Bluntz comments, “I think head and shoulder bros are about to get baited big time on SOL.” Solana is currently trading at $57.96, comfortably above the recent corrective move’s bottom.

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