TL;DR
- Polygon (MATIC) saw a 30% monthly price increase, and analysts are predicting further increases.
- The increase coincides with a significant increase in Polygon's on-chain trading volume and other metrics.
One of the best-performing cryptocurrencies (at least on the top 20 list), Polygon (MATIC), briefly surpassed the $1 mark this week. Its 30% monthly price increase has caught the attention of industry participants, with some analysts predicting a further rally in the coming months.
Popular X (Twitter) user Ali claimed that MATIC is showing “promising signs” to post impressive long-term gains. He predicted that the asset's valuation could soar by 90% next month if it closes above the $0.96 resistance level.
#Polygon shows promising signs from a long-term perspective. The predominant pattern appears to be a multi-year symmetrical triangle.
Yeah $MATIC can sustain a close above $0.96, it could signal the start of a bullish rally, with a potential target of $1.73! pic.twitter.com/qjgn6sN1oV
– Ali (@ali_charts) February 21, 2024
MATIC has not fallen below the represented mark since Ali's forecast, and is currently trading at around $0.97 (according to CoinGecko data).
Content creator and investor Jake Gagain outlined an even more bullish scenario for the token. predicting a price appreciation of up to $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 it's found by almost 170 million dollars (an increase of 300% compared to the figures seen at the end of January).
Polygon has also performed quite well in the non-fungible token space. checking in an nft sales volume of approximately $6 million over the past seven days.
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