- Polygon’s symmetrical triangle phase indicates a bullish breakout, targeting $4.5 to $9.75.
- Despite recent bearish signals, Polygon’s 24-hour trading volume and TVL reflect strong user engagement.
Polygon [MATIC] exhibits remarkable technical patterns and market movements. Recently, crypto analyst Alex Clay noticed an accumulation phase, indicating potentially high returns.
Polygon’s historical performance includes two phases of accumulation. The first was a 630-day channel accumulation, which led to an impressive 20,000% return. This phase marked a dramatic breakthrough and laid a strong foundation for MATIC’s growth.
Source:
Currently, MATIC is in a 1218-day symmetrical triangle accumulation phase. This pattern indicates a potential bullish breakout, similar to the previous phase.
Alex Klei declared,
“Now we have a symmetrical triangle accumulation of 1218 days. These are the targets to be met: $4.5 – $7.1 – $9.75.”
Polygon’s market cap at the time of writing was $4.94 billion, with a fully diluted valuation of $5.32 billion. The 24-hour trading volume was $305.77 million, indicating active trading and liquidity.
Additionally, Total Value Locked (TVL) was $11.50 billion, reflecting substantial user engagement and trust in the platform.
MATIC technical analysis
MATIC’s technical analysis shows mixed signals. The Bollinger Bands showed the price trading below the mid-band, indicating a bearish trend.
The MACD line was below the signal line, indicating bearish momentum. However, the histogram is slightly positive, indicating weak buying pressure. If the MACD crosses the signal line, it could indicate a potential bullish reversal for MATIC.
Source: TradingView
At the time of writing, the RSI stood at 46.73, below the mid-point of 50, indicating bearish sentiment. It is not in oversold territory, which suggests there is more room for a downtrend. A significant purchase could push the RSI into a bullish zone.
The Alligator indicator shows the lips below the teeth and jaw, indicating a prevailing downward trend. The lines are converging, suggesting a possible pause or change in the trend.
Meanwhile, active addresses have fallen to about 8,392, while the number of transactions has dropped to about 1,554. This downward trend indicates reduced network activity and engagement in recent months.
Source: Santiment
Read Polygon [MATIC] Price forecast 2024-2025
Polygon’s price has seen fluctuations, peaking around $0.555, then falling to around $0.525 and stabilizing around $0.53.
At the time of writing, MATIC was trading up $0.5284indicating a price drop of 0.96% in the last 24 hours, but a price increase of 6.03% in the last seven days.
