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Home»ALTCOIN NEWS»Trader Says Ethereum-Based Altcoins Could Surge Over 150%, Updates Outlook on Bitcoin, Solana, and Toncoin
ALTCOIN NEWS

Trader Says Ethereum-Based Altcoins Could Surge Over 150%, Updates Outlook on Bitcoin, Solana, and Toncoin

By Crypto FlexsSeptember 6, 20242 Mins Read
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Trader Says Ethereum-Based Altcoins Could Surge Over 150%, Updates Outlook on Bitcoin, Solana, and Toncoin
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Cryptocurrency analyst and trader Ali Martinez is cautiously bullish on Ethereum-based altcoins.

Martinez told his 70,300 followers on social media platform X that the native token for Ethereum (ETH) scaling solution Polygon (POL) is forming a descending triangle pattern on its weekly chart.

A descending triangle pattern is generally considered a bearish signal.

According to Martinez, POL could rally up to 155% from current levels if the support area near $0.34 holds.

Source: Ali Martinez/X

At the time of writing, POL is trading at $0.369.

If Polygon fails the $0.34 support level, Martinez says:

“However, if it breaks, it can be corrected to $0.19.”

video
Source: Ali Martinez/X

Next up is Bitcoin (BTC). Martinez says the Tom DeMarc (TD) Sequential Indicator, a technical analysis tool that identifies potential trend reversals, has turned bearish earlier this year. According to the analyst, Bitcoin needs to hold the $51,000 support level or it risks crashing to $40,600.

As of this writing, Bitcoin is trading at $56,718.

On switching to Solana (SOL), Martinez says:

“The TD Sequential indicator is flashing a buy signal on the Solana daily chart, suggesting that 1-4 daily candlesticks are likely to bounce.”

video
Source: Ali Martinez/X

Next up is the native token of The Open Network Layer 1 blockchain, Toncoin (TON). According to Martinez, Toncoin needs to recover the support level around $4.70 to avoid a double-digit crash.

“If TON fails to do so, it could fall 45% to $2.60.”

video
Source: Ali Martinez/X

At the time of writing, TON is trading at $4.67.

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

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