Polygon On-Chain Metrics Pump: Will MATIC Price Hit $1?

2024-7-30 09:15

The MATIC price hasn’t moved much recently and is now trading slightly above the $0.5 mark.

In the last 30 days, the price is down around 5%, so Polygon is currently not a hot topic among crypto traders.

However, being part of the Ethereum ecosystem, Polygon can also benefit from ETH ETFs approvals. ETFs still haven’t affected Ethereum’s price though.

Polygon’s Q2 2024 Performance

Polygon demonstrated impressive growth in Q2 2024, according to Messari’s report. Key highlights include:

Daily active addresses increased to 1.2 million, showing a 47.6% quarter-over-quarter growth Stablecoin market cap rose to $1.8 billion, marking a 17.5% increase Technical advancements such as the launch of AggLayer and integration with SP1 for zkVM

These metrics suggest that Polygon’s ecosystem is expanding and attracting more users, despite the recent price stagnation.

Source: Messari/X Technical Analysis and Price Projections

More Crypto Online, a respected analyst known for insightful technical analysis, shared their thoughts on MATIC’s price action:

He shared a potential bullish scenario for MATIC. The analyst suggests that a larger diagonal pattern might be forming, consisting of five 3-wave patterns. This structure makes it challenging to confirm a low in the second wave until all five upward waves are complete.

$MATIC: The only way that I can see a bullish scenario work from here is if a larger diagonal pattern is unfolding, which means waves 1-5 are 3-wave patterns. This will make it challenging to confirm that a low in wave ii has formed until all 5 waves to the upside are complete,… pic.twitter.com/UNsPNSvn5h

— More Crypto Online (@Morecryptoonl) July 29, 2024

According to this analysis, MATIC’s price could potentially reach $0.75 as it forms these five waves. A significant indicator for this bullish scenario would be a break above $0.56, which represents the peak of the first wave. However, the analyst cautions that the $0.455 level serves as a crucial micro support. This level must hold for the bullish scenario to remain viable.

Looking ahead to a potential bull run peak, MATIC is expected to reach at least the $1 level, which represents approximately a 2x increase from current prices. It’s worth noting that MATIC’s 2024 yearly high actually exceeded $1.2, hit in March. This indicates that MATIC holders still have a considerable journey ahead to reclaim previous highs.

Read also: XRP Price Surges: Ripple Analysts Predict Bullish Rally—Here’s Why

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Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend?

Polygon (MATIC) seems to have its vigor back with it potentially breaching $1 in the coming days. Polygon price is seen to generate massive gains at 108% MATIC price shoots close to a critical level that bulls are eyeing to test Set your eye on this critical level to catch the uptrend MATIC price is moving extremely bullish and could squeeze pushing the price above $1 setting the stage for a huge uptrend that could potentially double the coin’s price to $2.

2022-8-17 03:31