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Saturday, May 18, 2024

Is Polygon (MATIC) Price About to Explode by 90%? This Popular Analyst Weighs in

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TL;DR

  • Polygon (MATIC) experienced a 30% monthly price surge, with analysts predicting further increases.
  • The surge coincides with a significant rise in Polygon’s on-chain trading volume and other metrics.

One of the best-performing cryptocurrencies (at least from the top 20 list) – Polygon (MATIC) – briefly surpassed the $1 mark this week. Its 30% price surge on a monthly scale has captured the attention of industry participants, with some analysts envisioning a further rally in the following months.

The popular X (Twitter) user Ali claimed that MATIC shows “promising signs” to chart impressive gains in the long term. He predicted that the asset’s valuation could explode by 90% next month should it close above the $0.96 resistance level.

MATIC has not dropped below the depicted mark since Ali’s forecast, and it is currently trading at around $0.97 (per CoinGecko’s data).

The content creator and investor Jake Gagain outlined an even more bullish scenario for the token, predicting a price appreciation to as high as $9 by 2025.

MATIC’s most recent spike coincides with an increase in Polygon’s on-chain trading volume. According to DefiLlama, the figure currently stands at almost $170 million (a 300% jump compared to the numbers observed at the end of January).

Polygon On-Chain Trading Volume, Source: DefiLlama

Polygon has also performed quite well in the non-fungible token field, registering an NFT sales volume of approximately $6 million for the past seven days.

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