- MATIC price has shown slight movement over the past week.
- Market indicators hint at a potential bullish trend for MATIC.
Despite a bullish trend for many cryptocurrencies last week, Polygon [MATIC] investors remained cautious.
However, if Polygon MATIC fulfills a critical condition, a substantial price surge could be on the horizon. This shift could propel MATIC back into the top 20 cryptocurrencies by market cap. Let’s delve into the details.
Current Status of Polygon Investors
According to CoinMarketCap, MATIC’s price has seen a marginal increase over the past seven days, with a similar trend on its 24-hour chart.
As of writing, MATIC stands at $0.4215, boasting a market cap exceeding $4 billion, which positions it as the 21st-largest cryptocurrency. Yet, due to significant price drops in recent months, only 2% of MATIC investors are currently in profit, as reported by IntoTheBlock.
This decline negatively affected Polygon’s social metrics, plunging its Weighted Sentiment into the negative zone, indicating a rise in bearish sentiment. Nevertheless, there was a brief spike in Social Volume last week.
Source: Santiment
Furthermore, Ali, a noted crypto analyst, recently tweeted a MATIC bull rally prediction. Should this rally materialize, MATIC could reach $50, re-entering the list of top 20 cryptocurrencies by market cap.
However, for a true rally, Polygon needs to close above $0.30 by this week’s end.
Future Predictions for MATIC
AMBCrypto conducted an in-depth analysis of MATIC’s on-chain data to gauge the chances of it closing above $0.30. Findings revealed a decline in MATIC’s trading volume over the past week, which typically suggests a potential change in the current price trend. Conversely, the MVRV ratio improved, indicating a potential bullish signal.
Nevertheless, MATIC’s Supply on Exchanges slightly increased, hinting at heightened selling pressure.
Source: Santiment
Further analysis by AMBCrypto of Polygon’s daily chart revealed some promising market indicators. The MACD indicated a bullish crossover, while the Chaikin Money Flow (CMF) saw an uptick, suggesting a potential price increase. However, the Relative Strength Index (RSI), at a bearish 40, presents a mixed outlook.
Source: TradingView
Read Polygon’s [MATIC] Price Prediction 2024-2025
Should a bull rally occur, Polygon’s price might surge to $0.44 in a few days, setting the stage for a journey toward $50 in the coming months. On the other hand, if market bears prevail, MATIC’s price could drop to $0.38. In either scenario, the likelihood of the token closing above $0.30 remains high.
