A widely followed analyst says that the Ethereum (ETH) layer-2 scaling solution Polygon (MATIC) is setting the stage to outperform king crypto Bitcoin (BTC).
Pseudonymous crypto analyst Pentoshi tells his 675,500 Twitter followers that a key upgrade to the Polygon blockchain project will send its price soaring.
Polygon Labs announced that on March 27th it will launch its zero-knowledge Ethereum Virtual Machine (zkEVM) beta main network. The upgrade is intended to enhance the Ethereum ecosystem experience for users and developers by adding efficiency and reducing cost.
Pentoshi predicts that Polygon will reach an all-time high (ATH) price against Bitcoin in about ten to 14 days ahead of the tech upgrade.
“MATIC ATH vs BTC could be this week, or next. Look how it performed during the bear. Now add a catalyst world’s first zkEVM mainnet coming in a month and people in a rush to short Imo tops closer to 10-14 days out from event Also finally broke $1.30.”
MATIC is worth 0.0000602 BTC ($1.47) at time of writing.
Looking at this chart, MATIC would need to exceed 0.0000650 BTC ($1.59), which it last hit in November 2022 to reach an ATH.
Pentoshi says since Polygon has remained strong during the bear market, it only makes sense the event launch will send it much higher during a broader crypto rally.
“Said this yesterday, but this will probably be my main focus for trading for the next month. As I think as we go into the event launch it will probably be trading significantly higher than it is now. It’s also been a strong bear market coin and likely to make new ATHs vs BTC in my opinion.”
Pentoshi says he’s accumulating more of the token after it turned $1.30 from resistance into support and began to pump higher.
“Started adding some here. Will add more at $1.34 if we get it, but this is a nice move off the highs.”
Pentoshi says Polygon could pullback after its rally to $1.33, but predicts it will eventually hit $1.50.
“Short term, might get a pullback towards 1.33 if it cools down a bit. If so will look to add there.”
Generated Image: Midjourney