Experts predicted that Polygon’s MATIC could rise above $1.70. They’re speculating on when this might occur.
Polygon (MATIC) witnessed a 30% monthly price surge, and analysts anticipate more growth ahead. This surge aligns with a notable increase in Polygon’s on-chain trading volume and other key metrics.
Polygon (MATIC) Surges Past $1 Mark, Analysts Predict Further Growth
Polygon (MATIC), one of the top-performing cryptocurrencies in the top 20 list, briefly surpassed the $1 mark this week. Its remarkable 30% price surge over the past month has garnered significant attention from industry participants.
Analysts are optimistic about MATIC’s future, with many predicting a continued rally in the coming months. The surge in price aligns with a bullish sentiment surrounding Polygon, fueled by a notable increase in on-chain trading volume and other key metrics.
Popular Twitter user Ali highlighted MATIC’s “promising signs” for charting impressive gains in the long term. Ali predicted that MATIC’s valuation could skyrocket by 90% next month if it manages to 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
Since Ali’s forecast, MATIC has maintained its position above the depicted mark, currently trading around $0.97, as per CoinGecko’s data.
Bullish Predictions and On-Chain Metrics Drive MATIC Sentiment
Content creator and investor Jake Gagain has outlined an even more bullish scenario for MATIC, predicting a price appreciation as high as $9 by the year 2025.
MATIC’s recent spike in price coincides with a significant increase in Polygon’s on-chain trading volume. According to DefiLlama, the figure currently stands at nearly $170 million, marking a 300% surge compared to the numbers observed at the end of January.
Polygon On-Chain Trading Volume, Source: DefiLlama
Additionally, Polygon has demonstrated strong performance in the non-fungible token (NFT) field, boasting an NFT sales volume of approximately $6 million over the past seven days.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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