MATIC, the native token of the Polygon network, has been experiencing a positive price performance in recent weeks. However, it has struggled to surpass the $1 mark and has faced rejection at the $0.9 zone.
Will MATIC Price Double?
Crypto analyst Ali Martinez has made a bullish projection for the MATIC price. They believe that the altcoin could experience a bullish breakout that would double its current value. Martinez’s prediction is based on the symmetrical triangle pattern forming on the Polygon weekly price chart, which intersects with the 50% Fibonacci retracement level at around $0.96.
Keep your eyes on Polygon! A daily or weekly candlestick close above $0.96 could be the spark for a bullish MATIC breakout.
If this key level is breached, we might witness MATIC surging toward $1.82!
This projection represents a potential 100% rally from the current price. Currently, MATIC is valued at $0.905165, with a market capitalization of approximately $8.42 billion.
On-Chain Data Supports Bullish Run
On-chain data further supports Martinez’s projection. According to analytics platform IntoTheBlock, there are about 42,000 addresses that purchased 5.8 billion tokens between $0.80 and $0.86, creating a strong support zone.
The chart shows minimal on-chain resistance above the current MATIC price, indicating a favorable environment for a bull run as long as this support level holds.
Hot Take: MATIC Could Double in Value if Key Level is Breached
MATIC’s price has been performing well, but it has struggled to break above $1. However, crypto analyst Ali Martinez believes that if the altcoin can close above $0.96 on a daily or weekly basis, it could spark a bullish breakout that could double its current value to $1.82. On-chain data also supports this projection, showing minimal resistance and a strong support zone for MATIC. With its current market capitalization of approximately $8.42 billion, MATIC is positioned for potential growth in the near future.
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