Analyst Says Top-10 Altcoin Has a Massively Bullish Setup, Maps Path Forward for Polygon, Ethena and Algorand

An influential cryptocurrency analyst has identified a top-10 altcoin that is showing one of the most bullish market structures in the digital asset space.

During a recent analysis session, trader Ali Martinez shared with his 108,000 followers on the social media platform X that XRP, a payments altcoin, is forming a bull pennant pattern.

A bull pennant pattern typically signals a period of consolidation followed by a breakout.

“XRP is exhibiting one of the most bullish setups in the crypto market right now, especially after the recent retest of the breakout zone!”

Additionally, he mentioned that XRP could potentially reach $10, representing a 217% surge from its current value, as large crypto whales are accumulating substantial amounts of the token.

“XRP is in the midst of a significant bullish breakout… Whale activity data indicates heavy accumulation of XRP. Over the past week alone, more than 1.10 billion XRP has been purchased by whales. This buying pressure is gaining momentum. With XRP breaking out of a bull pennant, a classic bullish pattern, continued buying pressure could drive XRP to $10.”

At the time of writing, XRP is trading at $3.15, marking an 18.2% increase over the last 24 hours.

Moving on, the analyst highlighted that Polygon (MATIC), an Ethereum (ETH) layer-2 scaling solution, is on the brink of a significant move, as it consolidates within a descending triangle pattern.

“Polygon is on the verge of a 40% move! A sustained close outside the $0.47 to $0.41 range will determine the breakout direction.”

As of now, MATIC is trading at $0.48, reflecting a 7.1% increase in the past 24 hours.

Furthermore, he pointed out that Ethena (ENA), a synthetic dollar protocol on Ethereum, might have averted a severe correction after surging to reclaim a crucial support level within a trading range with $1.03 as the upper bound and $0.85 as the lower bound.

“Ethena seems to have broken out of a parallel channel! Failure to secure $0.86 as support could trigger a price correction towards $0.69 or $0.57.”

At the time of writing, Ethena is trading at $0.94, showing a 14.1% increase in the last 24 hours.

Lastly, he highlighted that Algorand (ALGO), a layer-1 protocol, is currently in a bullish trend following a breakout above the upper trendline of a symmetrical triangle on the four-hour chart.

Symmetrical triangles can indicate either bullish or bearish trends, with a bullish scenario when the price breaks above the upper trend line and a bearish one when it breaks below the lower trend line.

“ALGO is potentially set for a 60% breakout! A decisive close outside the $0.39-$0.32 range will determine the trend direction.”