The native token of the Polygon network, MATIC, has been making waves in the altcoin market recently. Though it has struggled to break past the $1 mark, there is hope on the horizon. Crypto analyst Ali Martinez has put forward a bullish projection for MATIC’s price in the near future. Martinez points to a symmetrical triangle pattern forming on the Polygon weekly price chart, with the triangle intersecting the 50% Fibonacci retracement level at the $0.96 price point. According to Martinez, a daily or weekly candlestick close above $0.96 could be the catalyst for a bullish breakout, potentially propelling MATIC’s price to $1.82. This represents a significant rally from its current value. As of now, MATIC is valued at $0.905165, reflecting a slight decline of nearly 2% in the past 24 hours.
Martinez’s projection is further supported by on-chain data. The analyst highlights an earlier post on X, where it was revealed that 42,000 addresses had purchased over 5.8 billion MATIC tokens between the $0.80 and $0.86 price range. This accumulation of tokens in that specific price range establishes it as a “key” support zone. Looking at the chart provided by Martinez, the small size of the dots indicates low investor density and no major on-chain resistance above the current MATIC price. This suggests that with minimal resistance ahead, MATIC is poised for a bull run as long as this support level holds.
Despite its recent price decline, MATIC remains the 15th-largest cryptocurrency in terms of market capitalization. Currently, it holds a market cap of approximately $8.42 billion. This level of market capitalization indicates that MATIC has a significant presence in the crypto market and is not to be overlooked. With its position in the top 20 cryptocurrencies, MATIC has established itself as a prominent player in the industry.
The Potential for Growth
Given the bullish projection for MATIC and the support it has in terms of on-chain data, there appears to be significant potential for growth in the near future. Breaking through the critical $0.96 price level could be the spark that propels MATIC to new heights. If the bullish breakout occurs, with a rally to $1.82, investors could see a return of approximately 100% on their investment. Such growth potential is enticing for both existing holders and potential new investors looking to capitalize on the upward momentum of MATIC.
MATIC’s future looks promising. With a bullish projection from analyst Ali Martinez, supported by on-chain data showing a key support zone, and its position as the 15th-largest cryptocurrency by market capitalization, MATIC is positioned for potential growth. However, as with any investment, it is important to approach it with caution and conduct thorough research before making any decisions. The crypto market is known for its volatility, and while there is bullish sentiment surrounding MATIC, there are always risks involved. Time will tell if MATIC can break through its current resistance and reach new highs, but for now, investors and enthusiasts alike will be keeping a close eye on the native token of the Polygon network.