Top Analyst Says Polygon Rival ‘Likely Going Much Higher,’ Updates Outlook on Bitcoin and Mina Protocol
A closely followed crypto trader says that one layer-2 scaling solution still has more upside potential after a big rally.
Pseudonymous trader The Flow Horse tells his 194,500 followers on the social media platform X that Polygon (MATIC) competitor Optimism (OP) is likely heading higher after a retest at the $3.45 level.
“Another one that is still revving at the start line. OP retest and reclaim of yearly highs. Just look across the entire market and see what has followed with each pair that has done this. Give it room to breathe, it’s very likely going much higher as long as the music is still playing.”
Source: The Flow Horse/X
Optimism is trading for $3.94 at time of writing, up 15.9% in the last 24 hours.
Next up, the trader says he is turning bullish on Mina Protocol (MINA), a privacy-focused payments protocol that aims to have a constant size of just 22 kilobytes (kB).
“I can see this starting to move harder if BTC stabilizes. MINA not only is green on the day after the dump, but it is hanging out around new yearly highs. Longing this with a stop below the open today and giving it a little room.”
Source: The Flow Horse/X
Mina Protocol is trading for $1.35 at time of writing, down 5.8% in the last 24 hours.
The trader also suggests a possible decline in Bitcoin (BTC) due to recent market trends.
“BTC funding [rate] jacking up after borrow rates were already elevated across alts for a bit.
Prior to this, some alts pumping here and there as BTC dropped. Not a good look.”
Source: The Flow Horse/X
Bitcoin is trading for $43,721 at time of writing, up 3.2% in the last 24 hours.
Generated Image: DALLE3
