- Prominent crypto analyst Ali Martinez has made a bullish Polygon (MATIC) prediction, foreseeing a 90% surge based on investor behavior.
- With the altcoin forming lower highs and higher lows, this could lead to a breakout or breakdown.
Polygon (MATIC) is poised for a period of volatility based on its technical setup. Prominent crypto analyst Ali Martinez has predicted a possible breakout. The analyst is basing his argument on a multi-year symmetrical triangular pattern, which points to a shift in price movement.
The analyst notes that the cryptocurrency is showing some promising signs from a long-term perspective. He goes on to posit that if MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73.
#Polygon shows promising signs from a long-term perspective. The prevailing pattern appears to be a multi-year symmetrical triangle.
If $MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73! pic.twitter.com/qjgn6sN1oV
— Ali (@ali_charts) February 21, 2024
The symmetrical triangle is a chart pattern highlighted by the crypto analyst, and forms when the price achieves lower highs and higher lows. The pattern normally represents a period of indecision and uncertainty on the asset, with buyers and sellers evenly matched
While reaching $1.73 would be an impressive performance, this will see the altcoin fall short of the altcoin’s all-time high of $2.92 reached in December 2021. At the time of writing, MATIC is trading at $0.974 after a 1.7% surge in the last 24 hours. This sees the altcoin extend its weekly gains to nearly 5%.
As highlighted by analyst Ali, it is critical for the Ethereum layer two scaling solution to remain above the $0.96 position. Critical to MATIC maintaining its upward momentum are network developments.
Polygon Updates to Fuel MATIC Rally
As CNF reported, the network has undergone some key upgrades as it aims to boost adoption and utility. Polygon Labs and StarkWare unveil Circle STARKs, a revolutionary cryptographic proof that speeds up transactions on Ethereum by improving “zero-knowledge rollups.” This collaboration promises faster, cheaper transactions and increased scalability for the Ethereum network, with experts like Ben-Sasson predicting even further advancements in the future.
Polygon recently celebrated Polygon ID Release 6, a key development in Polygon ID’s path to becoming the most widely used digital identity solution. This further marks the first-ever implementation of Dynamic Credentials, a W3C protocol that allows users to automatically refresh expired credentials from their wallets.
Further down the road, Polygon is looking to rebrand into Polygon 2.0. The Polygon 2.0 upgrade will boost seamless interoperability and scalability solutions for the Ethereum network. The upgrade will also see the project unveil a new token, dubbed POL. This could boost the network and bolster MATIC to retest its all-time high.
Furthermore, Reddit, known for its diverse online communities, announced that it is experimenting with blockchain technology by using Ether and Polygon (MATIC) for virtual goods sales, suggesting a continued interest in the crypto and blockchain space. Reddit’s choice of Polygon bolds well for the platform as it shows its superiority in the industry and technological prowess.
