The native token of the Polygon network, MATIC, has been experiencing a bullish trend lately, along with several other altcoins in the market. Despite this positive performance, the cryptocurrency has been struggling to surpass the $1 mark and has faced rejection around the $0.9 zone.
However, a new prediction by a prominent crypto analyst suggests a potential shift in the tides for MATIC.
Could MATIC’s Price Double?
The respected crypto analyst Ali Martinez has presented an optimistic forecast for the future price of MATIC. In a post on the X platform, Martinez revealed that the altcoin might be on the brink of a bullish breakout that could lead to a doubling of its current value.
Martinez’s prediction hinges on the symmetrical triangle pattern forming on the Polygon weekly price chart. The triangular formation is around the $0.96 price point, intersecting with the 50% Fibonacci retracement level.
According to Martinez, “a daily or weekly candlestick close above $0.96 could be the spark for a bullish MATIC breakout,” potentially propelling the altcoin to $1.82. This projection implies an approximately 100% increase from the current price point, which currently stands at $0.905165.
On-Chain Data Signals Smooth Sailing Ahead
Supporting Martinez’s projection, on-chain data from the analytics platform IntoTheBlock reveals that about 42,000 addresses acquired 5.8 billion MATIC tokens between $0.80 and $0.86, establishing the price range as a “key” support zone.
Furthermore, the same on-chain data also shows minimal resistance ahead, as indicated by the low density of investors and negligible on-chain resistance above the current MATIC price. This suggests that Polygon appears poised for an upsurge as long as this level remains unbreached, as per the analyst’s analysis.
The small size of the dots on the chart signifies the lack of significant on-chain resistance above the current MATIC price. As the analyst notes, “Given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level holds.”
As of now, MATIC ranks as the 15th-largest cryptocurrency, with a market capitalization of approximately $8.42 billion, and its current value reflecting a nearly 2% decline in the last 24 hours.
The future looks promising for MATIC, with a prominent analyst’s projection pointing towards a potential 100% surge in its price. On-chain data signals minimal resistance ahead and a strong support zone, further supporting the analyst’s bullish outlook for the altcoin.
What is MATIC?
MATIC is the native token of the Polygon network, a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.
What is a symmetrical triangle pattern?
A symmetrical triangle pattern is a technical analysis pattern that indicates a period of consolidation before a potential breakout. It is formed by converging trend lines, demonstrating a balance between buyers and sellers.
What is on-chain data?
On-chain data refers to information recorded on a blockchain, such as transaction details, token balances, and network activity. Analyzing on-chain data can provide insights into market trends and investor behavior.