Polygon (MATIC) Turns Bullish After Losing Streak – Is A 1,000% Rally Possible From Here?

Source Newsbtc
Jun 22, 2024 18:00

Polygon (MATIC) is again flashing bullish signals, having maintained a bearish outlook for a while now. These bullish signals suggest that the token could soon make a significant move to the upside. Interestingly, crypto analyst World of Charts has predicted that Polygon could enjoy a 1,000% rally when this move happens. 

Polygon To Rise To As High As $5

World of Charts predicted in an X (formerly Twitter) post that Polygon could rise to between $4 and $5 in the midterm. He made this prediction while stating that this might be the last chance to accumulate MATIC before the solid bullish wave, which he expects to happen soon enough. He suggested that this move for Polygon could occur during the imminent altcoin season. 

Interestingly, the crypto analyst expects Polygon to rise much higher than $5 in the long term. From the chart he shared, he hinted at the crypto token rising to as high as $40 by year-end or sometime in 2025. Meanwhile, he stated that a price between $10 and $12 was an “easy target” for MATIC. 

Data from the market intelligence platform IntoTheBlock shows that most of Polygon’s on-chain metrics are bullish, which could help contribute to the crypto token’s move to the upside. One of these metrics is the large transactions, which have been on the rise recently, suggesting that crypto whales are actively accumulating the crypto token. 

Furthermore, Polygon looks well positioned to enjoy a significant rally when the given altcoin season kicks off, considering that the Spot Ethereum ETFs are believed to be what will trigger this run for altcoins. That means that the rally could begin in the Ethereum ecosystem, where Polygon remains one of the most prominent Ethereum-based tokens. 

Time To Flip Bullish On Polygon

Crypto analyst CrediBUL Crypto also recently suggested that Polygon’s bullish reversal was on the horizon. He revealed that he had been going short on the crypto token for a while now but stated that it was almost time for him to flip bullish on Polygon. Crypto analyst Mayor of Matic also recently highlighted a wedge pattern on Polygon’s pattern and stated that the breakout above the wedge will be “powerful.” 

Crypto analyst Crypt Kaleo had earlier in March highlighted Polygon’s chart and suggested that the crypto token was looking well primed for that move. As such, considering how long it has consolidated since then, this parabolic move could happen sooner rather than later. However,it remains to be seen if MATIC can rise as high as $5 as World of Charts predicted. 

At the time of writing, Polygon is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Getty Images, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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