Polygon (MATIC) and NEAR Protocol (NEAR) Price Poised For Massive Spike Soon

The altcoin industry has established a solid bottom against the recent correction caused after Bitcoin (BTC) price reached a local high of around $74,000. The altcoin market has been rallying against the mainstream coins, as seen predominately since last weekend’s Bitcoin halving event.

Furthermore, the total market capitalization of virtual currencies excluding Bitcoin is approximately $1.03 trillion, forming a weekly reversal pattern. Meanwhile, Bitcoin’s dominance fell by more than 2 bps on Friday to around 54.99%.

Ultimately, a reversal in the ETH/BTC pair in the coming weeks will trigger the next phase of the alt-season.

Top altcoins are on the brink of a bullish breakout

Polygon (MATIC)

Polygon (MATIC) is a veteran Ethereum-based layer 2 scaling solution that remains at the forefront of mainstream adoption of Web3. As of this report, Polygon Network’s stablecoin market capitalization exceeds $1.5 billion and has facilitated over $5 billion in Bridged Total Value Locked (TVL) to date.

According to a popular crypto analyst, aka World Of Charts, MATIC’s price against the US dollar has formed a bullish flag on the 4-hour time frame. If the upper bound of the downward channel is broken, crypto analysts expect the price of MATIC to rise towards $1.3 in the following weeks.

From a technical perspective, the price of MATIC on the weekly chart is retesting the bullish breakout from the macro downtrend logarithmic trend in preparation for a parabolic rise to the new ATH.

NEAR Protocol (NEAR)

NEAR Protocol (NEAR) is the fastest growing layer 1 blockchain with over $309 million in TVL, making it among the top 20 most valuable digital assets. The mid-cap altcoin has a fully diluted valuation of approximately $8 billion and an average daily trading volume of approximately $802 million.

According to this cryptocurrency analyst, NEAR price is on the verge of doubling if the breakout from the bullish flash is successful.

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