Pentoshi, one of the most followed cryptocurrency analysts, says that an Ethereum (ETH) rival altcoin project is preparing to hit all-time highs.
Posting on her twitter account with 375,000 followers, Pentoshi said that the Ethereum scaling solution Polygon (MATIC) graph indicates a big price increase.
"I'm not sure if this is a good fundamental analysis but it seems so. The graphics are impressive. In my opinion, ATH levels are coming soon. Gaining momentum with HL levels. The BTC pair also looks great."
As Popular cryptocurrency analyst Pentoshi interprets the chart above, saying that MATIC has just bounced off a critical accumulation range around $1.50. Altcoin is moving towards a position where it will pass $2.20 and enter price discovery, he conveys his view.
A recent report from blockchain development platform Alchemy noted that most new projects at Polygon only use the network, rather than using both Polygon and Ethereum.
The analyst, who also took a look at Ethereum, says that ETH currently seems to have a much more bullish-looking market structure than Bitcoin. According to Pentoshi, ETH was rejected at $4,600 and is facing strong support levels between $3,900 and $3,600.
Pentoshi said he thinks Ethereum will surpass Bitcoin in the future.