Polygon’s native cryptocurrency MATIC has seen a remarkable resurgence in recent days, with its price skyrocketing over 20% to break through the significant $1 barrier. This surge comes alongside record-high trading volumes crossing $400 million on Polygon’s network.
Keypoints
- MATIC price surged over 20% recently, breaking the $1 barrier
- Polygon trading volume reached a new milestone of $400 million
- MATIC emerged from a symmetrical triangle, with potential to reach $1.73
- Analysts predict MATIC is poised for a breakout rally, possibly reaching $5
- MATIC’s 2021 rally saw massive gains of over 9,400%
Analysts have highlighted MATIC’s breakout from a long-term symmetrical triangle consolidation pattern on its price chart. This often precedes major moves, with price targets now set at $1.73 according to expert technical analysis.
Bulls are even more optimistic, with forecasts of MATIC reaching up to $5 in an epic rally comparable to its astronomical 9,400% gains seen in 2021. Here’s a deeper look at what’s driving this explosion in momentum.
MATIC has stormed upwards due to growing traction around Polygon’s underlying technology and ecosystem. Its Layer-2 scaling solution for Ethereum continues to see surging adoption. This drives utilization of the network and demand for MATIC tokens used for transactions and staking.
Adding fuel, major partnerships have brought fresh capital into Polygon’s decentralized finance (DeFi) landscape. And the recent launch of supper-staking looks set to further lock up MATIC supply, constraining circulation.
On the charts, MATIC appears primed technically. Holding above the key $1 mark is critical for bulls after repeated failed breakout attempts over 2022. Its symmetrical triangle breakout has opened the pathway upwards, with limited overhead resistance ahead.
MATIC’s epic 2021 parabolic rally, climbing from under $0.02 to $2.92 for gains of 9,400%, also reveals the potential scale of upside ahead. Market experts point to the parallels between now and that period, with solid fundamentals and positive sentiment aligning.
An equally aggressive 2023 bull run would take MATIC towards $20. And with Polygon cementing itself as the leading Layer-2 network for leveraging Ethereum’s security and liquidity, there’s a strong case its native asset MATIC could massively outperform again.
In summary, a combination of record trade volumes, technical breakouts, underlying project growth and historic precedent all signal a newMATIC bull market emerging. The explosive upside witnessed previously highlights predictions of $5+ as within reach if positive momentum continues building over 2023.
The post Polygon’s Native Token MATIC Surges on Record Trading Volume and Breakout Potential appeared first on Blockonomi.
