Polygon (MATIC) has been on the lower performance end when compared to other cryptocurrencies in the space. However, this muted performance could be a precursor to a bullish momentum outside of the general market recovery, something that has become a norm for the MATIC price. Crypto analyst Ali Martinez has identified Polygon’s potential in this aspect, expecting the price to rise as high as $1.82 once a major level is breached.
Polygon Gearing Up For Bullish Breakout
Crypto analyst Ali Martinez points out that the Polygon price is looking toward breaking a significant resistance. Mainly, such a breakout would be the catalyst for the expected price surge which could trigger a 100% price increase.
As the analyst explains, the trigger for this would be a daily or weekly candlestick close above the $0.96 level. To put the importance of this price level in perspective, the last time that the price was this high was back in May, which means that MATIC effectively has to clear a 7-month high to kickstart such a rally.
According to Martinez, breaking this level is important for MATIC as it could trigger a surge. After the $0.96 breach, there are two targets outlined by the analyst as possible endpoints. The first is the $1.25 level, while the peak is placed at $1.82.
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! pic.twitter.com/M9bz3myRVi
— Ali (@ali_charts) December 9, 2023
MATIC May Not See A Sell-Off
Although the MATIC price fell in the early hours of Monday, it has done so in tandem with the market that followed the Bitcoin crash. However, on its own, the Polygon native token is still showing a lot of bullish strength especially given the fact that its profitability remains lower compared to other altcoins.
According to data from IntoTheBlock, the total MATIC profitability of all its holders is still sitting at a meager 30%. This is a long way from its February performance where almost 70% of the total holder base was sitting in the green.
This means that there are not a lot of MATIC investors who are looking to sell their tokens right now. As a result of this, there isn’t as much selling pressure on the altcoin compared to an asset like Ethereum which has been seeing mounting sell pressure.
MATIC price at $0.863 | Source: MATICUSD on Tradingview.com