Pundit Predicts 600% Surge for Polygon (MATIC) as Price Hits Key Support
MATIC, Polygons native token, has experienced a sharp decline recently, shedding about 15% of its value over the past month amid a broader downturn in the cryptocurrency market. Despite this, MATIC recovered last Monday after hitting a local low of $0.34. Given its strong historical significance, this level has been identified as a significant support point, and analysts are now anticipating a potential major upsurge.
On Monday, crypto analyst Cryptorphic took to X (formerly Twitter) with a bold forecast for Polygon (MATIC), predicting a potential 600%-plus surge in the tokens value. This prediction follows MATICs recent bounce off a crucial support level, which the pundit views as part of a bullish triangle pattern.
The analyst highlighted that MATIC had recently fallen to its lower support level, ranging from $0.316 to $0.387, after a significant 30% drop. This level of support is critical for MATICs future performance. According to Cryptorphics analysis, if MATIC maintains this support, substantial gains could be seen at $2.923.
The pundit, however, warned that MATIC must hold this support because if it fails and breaks down, things could turn out poorly.
Supporting Cryptorphics analysis, fellow analyst Javon Marks projected a bullish future for MATIC, forecasting that the token could reach new all-time highs above $3, representing an increase of over 558%. Marks highlighted Polygons history of explosive growth, pointing to a remarkable 29,000% increase during its previous cycle as evidence of its potential.
Analyst Alex Clay also aligned with this optimistic outlook, describing the current market conditions as a generational bottom for MATIC. Clay noted that the token is undergoing a lengthy accumulation phase, having spent 1,218 days in a symmetrical triangle pattern, following a previous 630-day accumulation that yielded 20,000% returns. He outlined potential price targets of $4.50, $7.10, and $9.75, suggesting substantial potential for double-digit gains.
Additionally, on-chain data highlights growing interest in MATIC despite recent challenges. Data from Coinglass shows that Polygons Open Interest (OI) has decreased to $104.46.80 million, a level last seen during the bear market of June 2022.
Additionally, MATIC recently hit a two-year low of $0.34, leaving 97% of holders at a loss. This significant decline has fueled optimism for a possible rebound, as lower OI often signals decreased trader engagement and bearish sentiment, conditions that have historically preceded strong price rebounds.
MATIC trades at $0.418 at press time, reflecting a 0.12% upsurge over the past 24 hours.
Read more: https://zycrypto.com/pundit-predicts-600-surge-for-polygon-matic-as-price-hits-key-support/
Text source: ZyCrypto
