Popular cryptocurrency analyst Pentoshi says an Ethereum (ETH) competitor is battling for all-time highs. Anonymous analyst says that the graph of Ethereum scaling solution Polygon (MATIC) indicates a massive price increase.
Based on the chart, Pentoshi thinks MATIC has just bounced off a critical accumulation range around $1.50, putting the coin in a position to break past $2.20 and enter price discovery.
Originally built to complement Ethereum and providing a cheaper and faster way to trade Ethereum-based tokens, Polygon has since emerged as a competitor in its own right. 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.