Is Polygon (MATIC) Price About to Explode by 90%? This Popular Analyst Weighs in
Polygon’s MATIC was predicted to soar above $1.70: here’s when that might happen.
TL;DR
- Polygon (MATIC) experienced a 30% monthly price surge, with analysts predicting further increases.
- The surge coincides with a significant rise in Polygon’s on-chain trading volume and other metrics.
One of the best-performing cryptocurrencies (at least from the top 20 list) – Polygon (MATIC) – briefly surpassed the $1 mark this week. Its 30% price surge on a monthly scale has captured the attention of industry participants, with some analysts envisioning a further rally in the following months.
The popular X (Twitter) user Ali claimed that MATIC shows “promising signs” to chart impressive gains in the long term. He predicted that the asset’s valuation could explode by 90% next month should it close above the $0.96 resistance level.
#Polygon shows promising signs from a long-term perspective. The prevailing pattern appears to be a multi-year symmetrical triangle.
If $MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73! pic.twitter.com/qjgn6sN1oV
— Ali (@ali_charts) February 21, 2024
MATIC has not dropped below the depicted mark since Ali’s forecast, and it is currently trading at around $0.97 (per CoinGecko’s data).
The content creator and investor Jake Gagain outlined an even more bullish scenario for the token, predicting a price appreciation to as high as $9 by 2025.
MATIC’s most recent spike coincides with an increase in Polygon’s on-chain trading volume. According to DefiLlama, the figure currently stands at almost $170 million (a 300% jump compared to the numbers observed at the end of January).
Polygon has also performed quite well in the non-fungible token field, registering an NFT sales volume of approximately $6 million for the past seven days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Beam: 3 Reason’s Mpeppe Is Gaining Attention From BEAM and SUI investors
Beam (BEAM) Whales Migrate Into New Beam (BEAM) Rival Mpeppe Positioned To Skyrocket In 2024
Crypto Wallet Exodus Movement (EXOD) Partners with Major Hardware Manufacturer!
Exodus Movement has teamed up with Ledger, a leading hardware manufacturer, to launch a new crypto exchange aggregator.
According to JPMorgan Research Report, There Is a First in Bitcoin (BTC) Mining!
Bitcoin (BTC) mining earnings took a major dive in the first half of September, with the Bitcoin price remaining below $60,000.