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Thursday, April 18, 2024

MATIC Price Explodes 20% Daily as Polygon Network Thrives: More Gains to Come?

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  • The global cryptocurrency market has seen a retracement, but Polygon (MATIC) stands out with a significant price increase.
  • Discussions and predictions about MATIC’s potential for further growth are highlighted, with some analysts and influencers expressing optimistic views.
  • Various factors, such as trading volume and exchange netflow, suggest positive trends for MATIC, with potential future market events also expected to impact its trajectory.

MATIC Steals the Show

The cryptocurrency sector seems to have lost some steam in the past 24 hours, with the global crypto market capitalization retracing to approximately $1.72 trillion (per CoinGecko’s data). And while most leading digital assets, including Bitcoin (BTC), have charted minor declines, this is not the case with Polygon (MATIC).

The token’s price has risen by 22% in the last 24 hours, surpassing the $1 mark for the first time since April this year.

MATIC Price, Source: CoinGecko

In addition, some analysts argue that the recent uptrend could be the beginning of a larger rally that could take MATIC toward new peaks in the near future. One person who supports that assumption is the X (Twitter) user Doctor Profit.

The analyst, who usually focuses on Bitcoin (BTC), described Polygon’s coin as “one of the most undervalued projects” in the entire market, claiming its price below $1 should be considered a “gift” for traders and investors.

“Sooner or later its an easy double digit coin in the incoming bull. One of my favorite coins,” Doctor Profit concluded.

Is MATIC Ready to Spike Higher?

There are numerous factors indicating that the token’s increase might not stop here. According to CryptoQuant, MATIC exchange netflow was in negative territory on December 25 and the following day. Shifting from exchanges toward self-custody is usually considered a positive because it alleviates immediate selling pressure.

In addition, trading volume on Polygon has soared lately. As revealed by DefiLlama, it hit almost $400 million on December 26, standing well above the $150 million mark since the middle of the month.

MATIC Trading Volume, Source: DefiLlama

Numerous experts believe that the upcoming Bitcoin halving (scheduled for the spring of 2024) and the possible approval of a spot BTC ETF in the United States could act as catalysts for the primary digital asset and the industry as a whole.

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