- In the last 24 hours alone, MATIC is up more than 4%.
- Market indicators looked bullish on the token.
Polygon [MATIC] has recently managed to show a bull pattern on the price chart, which indicated that the token might regain its lost glory.
Notably, the token’s price broke above and retested a key level. So should investors witness a massive bull rally from MATIC soon?
Polygon is planning a bull rally
World Of Charts, a popular X (formerly Twitter) handle that posts crypto analytics, recently released a tweet which highlights interesting developments surrounding Polygon.
According to the tweet, MATIC broke out in a symmetrical triangle pattern. After breaking out, it was also about to retest the new support level.
This indicated a possible bull rally in the coming days, which could put MATIC back in the spotlight.
If the bull rally takes place, MATIC’s value could even reach the $2.9 mark, which could guarantee MATIC’s return to the top 10 club.
According to CoinMarketCapMATIC was already showing signs of recovery as its value rose by more than 4% in the last 24 hours alone.
At the time of writing, the token was trading at $1.07 with a market cap of over $10.5 billion, making it the 18th largest crypto.
Is the road forward smooth?
As MATIC’s price action turned bullish and there were chances of a huge price increase, AMBCrypto checked Hyblock Capital’s data to find any red flags.
Our analysis revealed that MATIC will witness high liquidation once the price reaches the $1.09 mark. As liquidation would increase, it hinted that MATIC’s value could undergo a correction at that level.
Source: Hyblock Capital
While a small correction may be in store, buying pressure on the token remained high. This was evident from the increase in supply outside the stock exchanges and a decrease in supply on the stock exchanges.
Additionally, Polygon’s Exchange Outflow also spiked quite a few times last week. However, Whales appear to have lost confidence in the token as MATIC supply in the hands of top addresses fell slightly.
Source: Santiment
Read Polygon [MATIC] Price prediction 2024-25
To check what to expect from Polygon, AMBCrypto next took a look at the daily chart. We found that Polygon’s Money Flow Index (MFI) registered an increase and was heading towards the neutral point.
Moreover, according to the Bollinger Bands, MATIC’s value approached the 20-day simple moving average (SMA), which also indicated a further increase in the token’s value in the following days.
Source: TradingView