As a seasoned crypto investor with a knack for spotting promising opportunities and a portfolio that has weathered countless market cycles, I find myself intrigued by the meteoric rise of Polygon (POL). The recent 11% daily surge and the four-month high it hit today have certainly caught my attention.
Today, Polygon (POL) reached its highest point in four months due to an impressive 11% increase in value. This cryptocurrency briefly crossed the $0.60 threshold before pulling back slightly, but this temporary dip has not dampened investor or market observer enthusiasm. In fact, a well-known crypto analyst has expressed optimism about Polygon’s future, forecasting a potential 2,500% increase in value within the coming months.
Polygon On-Chain Metrics Turn Bullish
In the last three weeks, Polygon (formerly known as MATIC) has shown exceptional growth, increasing approximately 107% since the market surge on November 5. This remarkable rise has taken its price from under $0.30 to a four-month peak of $0.61.
The surge in this performance can be attributed to various elements, pushing the token’s value up by approximately 40% over the past week. As Ali Martinez pointed out on X, this could potentially lead to one of the strongest disliked price increases.
Over the past seven days, there’s been a significant surge in key performance indicators for Polygon, as an analyst pointed out. This could potentially lead to volatile price movements for POL in the time to come.
Martinez observed that a significant number of investors still possess Polygon tokens, which peaked at their highest value ($2.92) during the previous investment cycle. Yet, the majority of these investors have experienced losses, as only about 15.11% of Polygon holders are currently seeing profits.
Based on my analysis, it appears that the current price levels of POL are not prompting most of its investors to cash out, which could be a favorable sign for its future price action. Furthermore, the on-chain data seems to indicate an influx of new investors preparing for the potential continuation of the rally’s second phase.
This was signaled by the recent increase in daily active addresses, transaction volume, and whale activity. POL’s daily trading volume has recorded a 190% increase in the last week, jumping from the $250 million mark to $736 million.
Over the past week and a half, I’ve noticed a substantial increase in whale purchases of POL, totalling approximately 140 million tokens. At current market values, this equates to roughly $80 million. This trend seems particularly significant since November 5, with large-scale purchases becoming more frequent.
POL To Hit $15 This Cycle?
As a researcher, I’m expressing my viewpoint based on Martinez’s insights: Given the whales’ current buying trend and diminished selling pressure, the technical analysis of POL appears quite promising to me. It seems we are approaching a breakout from a multi-year descending triangle formation, indicating potential for a significant upward move in this cryptocurrency.
The analyst shared that Polygon has been contracting within a descending triangle pattern since it reached its all-time high approximately three years back. Recently, about a week ago, the token made a rebound from the triangle’s bottom line, and its Moving average convergence/divergence (MACD) is about to cross over in a bullish manner.
It implies that although the general sentiment is negative, there are increasingly positive indicators accumulating, suggesting a possible surge towards a new all-time high.
According to Martinez’s analysis, there’s a strong possibility that the value of POL could surge as much as 2,500% over the next few months. If we see a weekly closing price above $0.7973, it might trigger a rise all the way up to $15.27. Furthermore, he mentioned that such an event could even spark a more dramatic increase of 6,200%, potentially pushing the price up to $36.17.
As an analyst, I’d like to emphasize that the crucial support level for POL lies within the $0.375 and $0.386 price range, which was breached approximately a week ago. There’s not much resistance observed at elevated price points.
As of this writing, POL is trading at $0.58, a 75% increase in the monthly timeframe.
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2024-11-26 09:40