- The number of developers building on the Polygon network has increased by 200% in the past year.
- The daily trading volume of Chainlink has surged by 300% in the last week.
- The global blockchain market is projected to reach $1 trillion by 2025.
As Bitcoin continues its upward trajectory, trading around $60,669 after bouncing back from the $59,000 level, several altcoins are also showing promising signs of potential growth. Two such tokens, Polygon (POL) and Chainlink (LINK), have caught the attention of leading crypto analyst ZaykCharts.
Polygon (POL): A Bullish Breakout on the Horizon
Polygon, formerly known as MATIC, is currently trading at $0.3694. According to ZaykCharts, POL is forming a falling wedge pattern on the 2-hour timeframe, a technical setup that often suggests a bullish breakout. If POL can successfully break out of this pattern, the analyst predicts an 11% upside, potentially pushing the price to $0.4160.
Chainlink (LINK): A Long-Term Bullish Outlook
Chainlink, trading at $10.65, has also garnered ZaykCharts’ attention. The analyst has expressed strong confidence in LINK’s long-term potential, stating that it could reach $40 in the future. This prediction is based on a descending wedge pattern observed on the weekly chart, which historically indicates a bullish breakout. If LINK successfully breaks out of this pattern, it could see a massive 229% gain from its current price.
The Impact of Bitcoin
While Polygon and Chainlink are both poised for potential breakouts, Bitcoin’s movement will remain a significant factor. If Bitcoin can maintain its stability around the $59K-$60K zone, it could provide a favorable environment for altcoins to gain momentum. However, if Bitcoin faces increased bearish pressure, it could impact the trajectories of Polygon and Chainlink.
Both Polygon and Chainlink are exhibiting positive technical indicators that suggest potential bullish breakouts. If these breakouts materialize, both tokens could see significant gains. However, it’s essential to monitor Bitcoin’s price action as it could influence the overall market sentiment and impact the performance of altcoins.
Also Read: Is Cardano’s (ADA) Ready for a New All-Time High? Analyst Predict a 10x Bullish Potential
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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