Polygon (MATIC) has just woken up very strongly to the upside, and to find out where the price is heading I have done the analysis and forecast that you find below.
During the last months, activity within the Polygon platform has been growing steadily. Its mission, to develop the infrastructure and improve the scaling of the ETH network, seeking to keep it at the height of competitions such as Solana and Cosmos, while moving towards a complete transition to a network validated by proof of stake.
While the Ethereum network continues to be congested and with fees through the roof, layer 2 solutions like Polygon are gaining a lot of traction, which is generating a lot of positivism among investors of this cryptocurrency.
MATIC breaks out of a range and goes to a new all-time high
MATIC, the native cryptocurrency of this platform, finally escaped a large lateral range that locked the price for more than a month.
After defending the support at $ 0.2990, the bulls generated enough pressure to finally get rid of the cumulative period.
Now with a new all-time high, the older trend that was dormant is being resumed.
The new high was reached a few hours ago, and it was $ 0.62599. Although the bulls may be exhausted at this peak, there is currently no clear sign that a pullback is going to start anytime soon.
MATIC daily price chart. Source: TradingView.
When we look at the weekly chart we notice a clear medium-term uptrend, which remained dormant for several weeks.
This week we are seeing an undoubted awakening, which is looking for the first bullish target located at $ 0.65234. Higher up, the next target is $ 0.7847, a price that could be easily reached in the short term.
When we look at the great bullish force that Polygon has brought in over the past few months, we can make a forecast of a much bigger rise.
We are seeing the development of a bull cycle that can extend for several more months. Short-term goals are very likely to fall short.
Of course we will see corrections along the way, but always the best idea is to surf in favor of the trend, and take advantage of discount prices if you trust the project.
Polygon Analysis and Forecast. Source: TradingView.
All our publications are informative, so in no case should they be captured as investment advice.