Ali Martinez, a cryptocurrency analyst and trader, is feeling cautiously optimistic about an Ethereum-based altcoin.

He recently shared with his 70,300 followers on social media that the native token of the Ethereum scaling solution, Polygon (POL), is forming a descending triangle pattern on the weekly chart. This pattern typically signals a bearish trend.

Martinez believes that if the support area around $0.34 holds, POL could increase by 155% from its current price. As of now, POL is trading at $0.369. However, he warns that if the $0.34 support level fails, we might see a drop to $0.19.

Next, let’s talk about Bitcoin (BTC). Martinez points out that earlier this year, the Tom DeMark (TD) Sequential indicator turned bearish. He stresses that Bitcoin needs to maintain the $51,000 support level to avoid a potential plunge to $40,600. Currently, Bitcoin is trading at $56,718.

Now, moving on to Solana (SOL). Martinez notes that the TD Sequential indicator has flashed a buy signal on the daily chart. This suggests a possible rebound of one to four daily candlesticks.

Finally, let’s discuss Toncoin (TON), the native token of The Open Network. According to Martinez, Toncoin needs to reclaim the support level around $4.70 to avoid a significant drop. If it doesn’t, a correction of 45% down to $2.60 could be likely. Right now, TON is trading at $4.67.