Polygon (MATIC) has hosted numerous projects over time and has been a preferred choice due to its transaction speed and cost-effectiveness. Recently, as the price rose above one dollar but then retracted, investors’ comments have started to follow one after another. So, what could be in store for MATIC?
Analyst Ali Martinez’s Take on Polygon (MATIC)
According to well-known cryptocurrency analyst Ali Martinez, the native token of the Polygon network, positioned as an Ethereum Layer-2 scaling solution, is consolidating within a symmetrical triangle formation that spans multiple years.
Looking at the formation mentioned in Martinez’s statement, it appears that the price is potentially approaching a breakout and, considering the consolidation, it could result in a 90% upward movement for MATIC.
Ali also mentioned in his post that Polygon has a promising perspective when viewed from a long-term standpoint.
To briefly discuss the symmetrical triangle formation, it is defined as a chart pattern formed by the price reaching bottom and top levels, bounded by two converging trend lines. This formation typically represents a period of indecision and uncertainty in the market, with buyers and sellers evenly matched.
According to Martinez, if MATIC’s price closes above $0.96, the process could continue with a bull rally targeting a potential price of $1.73. A breakout in this formation could result in an 89.56% increase, considering the current level, leading to a rise to $1.73.
What is the Current Price of Polygon (MATIC)?
As of the time of writing, influenced by a slight recovery in the market, MATIC has risen by 5.21% in the last 24 hours to a price level of $0.97.
The market capitalization has increased by over 5% during this period, surpassing the $9 billion mark. On the other hand, the trading volume has seen a decrease of 17%, sitting just above $600 million. MATIC also stood out with a 7% increase in value in the weekly review.
Looking at the monthly review, the price of MATIC has increased by over 30%, which shows that the market downturn following the approval of an ETF about 40 days ago did not significantly impact MATIC, as reflected in its price.
