Donald Trump's presidential victory gave an unprecedented boost to the cryptocurrency market, pushing major assets like Bitcoin (CRYPTO: BTC) to new highs.
However, the bull market has also managed to draw attention back to those altcoins that have struggled to gain traction this year.
What happened: Polygon (CRYPTO: MATIC), now rebranded to POL, has been one of the biggest benefactors, surging over 61% over the last month. The token climbed to a five-month high earlier this week.
In fact, the coin’s 30-day gains have significantly exceeded those of blue-chip cryptocurrencies like Bitcoin and Ethereum (CRYPTO: ETH), which rose nearly 36%.
Influential cryptocurrency analyst Ali Martinez foresaw strong upside potential for POL, based on multiple bullish indicators.
In an X post on Monday, Martinex highlighted that despite the uptick, only about 15% of POL holders were in profit, reducing the possibility of immediate sell-offs.
Furthermore, on-chain activity showed promise, with active addresses, transaction volume, and whale transactions all experiencing spikes.
In fact, whales have been on an accumulation spree, scooping millions of POL tokens.
With no "major" selling pressure and surging whale interest, Martinez issues a bold forecast.
"I believe that POL consolidates in a multi-year descending triangle, and a weekly close above $0.7973 could trigger a rally to $15.27 or $36.17,” he said.
This would amount to a staggering upside from the current level, in the range of 2725%-6592%.
See Also: Crypto Analyst: Bitcoin Poised To Skyrocket To $180K and ‘Eventually’ Top $1M
Several technical indicators also flashed a bullish signal for POL.
The Moving Average Convergence Divergence (MACD), a trend-following momentum indicator that shows the relationship between two moving averages (MAs), flashed a "Buy" signal, according to data from TradingView.
Additionally, most MAs, including exponential and simple, gave a bullish prediction.
That said, the derivatives market anticipated price declines as the number of traders levered short on the coin exceeded those placing bullish bets, data from the Long/Short Ratio showed.
Price Action: At the time of writing, POL was trading at $0.5405, down 2,75% in the last 24 hours, according to data from Benzinga Pro. The coin has lagged other cryptocurrencies in 2024, falling over 46% year-to-date.
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