Cryptocurrency analyst and trader Ali Martinez is saying that a leading Ethereum (ETH<\/a>)-based decentralized exchange could be on the cusp of making a significant upside move.<\/p>\n Martinez tells<\/a> his 33,200 followers on the social media platform X that Uniswap (UNI<\/a>) \u201cappears to be breaking out\u201d on the weekly chart after invalidating a descending triangle.<\/p>\n A descending triangle is typically considered a bearish continuation pattern.<\/p>\n According to Martinez, if Uniswap prints a \u201csustained close\u201d above the price of $5.70, UNI could soar toward $10, a gain of around 62% from the current price.<\/p>\n Uniswap is trading at $6.18 at time of writing.<\/p>\n Turning to Polygon (MATIC<\/a>), Martinez says<\/a> that the Ethereum scaling solution could witness a sell-off if it fails to break above a crucial price level.<\/p>\n \u201cMATIC has slipped below a crucial supply zone, spanning $0.84 to $0.86. In this range, 14,240 addresses hold over 4.13 billion MATIC. <\/i><\/p>\n The longer the Polygon price remains below this zone, the higher the likelihood that these holders might start selling to avoid incurring significant losses.\u201d<\/i><\/p>\n MATIC is trading at $0.772 at time of writing, well below Martinez\u2019s supply area.<\/p>\n Next up is the blockchain oracle Chainlink (LINK<\/a>). The crypto analyst and trader says<\/a> that Chainlink could revisit and surpass the 2023 high of $16.62.<\/p>\n \u201cChainlink is in a key demand zone, ranging between $13.80 and $14.20. Here, 11,470 wallets hold a substantial 23.5 million LINK.<\/i><\/p>\n With minimal resistance ahead and solid support below, remaining above this zone could pave the way for LINK to climb to new yearly highs.\u201d<\/i><\/p>\n Chainlink is trading at $14.34 at time of writing.<\/p>\n Turning to XRP<\/a>, Martinez says<\/a> that the fifth-largest crypto asset by market cap could rally between $0.65 and $0.66 as it seems to be breaking out from the range midpoint of a descending parallel channel.<\/p>\n In technical analysis, descending parallel channels are typically considered bearish, but an asset may still rally to the top of the structure\u2019s range as Martinez\u2019s chart suggests.<\/p>\n XRP is trading at $0.612 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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