A popular cryptocurrency analyst has suggested that the price of Polygon ($MATIC) is set to surge in the near future to the point it will outperform the flagship cryptocurrency Bitcoin ($BTC) and other altcoins
In a series of tweets, pseudonymous cryptocurrency analyst Kaleo shared his bullish $MATIC thesis with his over 500,000 followers on the microblogging platform, noting that it is “one easy alt [altcoin] that should still have quite a bit of upside.”
Per the analyst, in the MATIC/BTC a predominant structure is a “HTF [High Time Frame] flag dating back to May of ’21 that looks ready for another leg higher.” Kaleo added that a retrace is likely before a breakout, meaning that MATIC could still drop before moving to its all-time high or entering a price discovery phase.
Comparing $MATIc to Binance’s native token $BNB, Kaleo noted that both charts have an “incredibly similar structure” and that he expects both to have a similar resolution, implying both digital assets could outperform Bitcoin in the near future.
Kaleo added that MATIC is currently the 11th-largest cryptocurrency by market capitalization, and that even if its price were to double it would “barely place it above $Ada on the list, and still wouldn’t result in a new ATH [all-time high]” against the U.S. dollar.
The analyst added he is “extremely bullish” on BTC, and that nevertheless, the MATIC/BTC pair suggests the altcoin will outperform BTC.
Moreover, Kaleo pointed out that Polygon was the network chosen by Reddit to launch its non-fungible token (NFT) avatars, which have seen their popularity explode over the last few weeks.
As CryptoGlobe reported, Polygon Technology Co-Founder Mihailo Bjelic recently commented on how hugely successful Reddit’s Collectible Avatars, which are Polygon-powered NFTs, have been saying they’re a huge win for the whole Web3.”
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