- MATIC has experienced a price rebound.
- Some analysts viewed the recent price bounce as the start of a major rally.
- Expectations stand in stark contrast to the asset’s recent price movements.
After falling significantly in price last week due to the Federal Reserve’s hawkish stance, altcoins have experienced a relief rally over the past 24 hours. Polygon’s native token, MATIC, is one of the assets seeing a price rebound.
Amid the recent price action, analysts are predicting that MATIC is on the verge of a significant price rally. Have we finally reached the $1 price point?
Is MATIC preparing for a comeback?
MATIC is showing signs of revival. Amid a broad altcoin rally, the asset has surged 9% from a multi-month low of around $0.53 to around $0.5775 at the time of this writing.
Amid the recent rebound, analysts have been quite optimistic about asset prices. Crypto analyst “CrediBuLL Crypto” shared a chart showing that MATIC is likely to continue to bounce back to its recent $0.95 price range.
Likewise, “Cryptomist” in a recent post enthused “I am long” after seeing a descending wedge chart pattern on MATIC’s 4-hour candle chart. However, unlike CrediBuLL Crypto, Cryptomist has set a more optimistic target of $1.15.
Nonetheless, for MATIC to reach this target, the asset will need to overcome resistance at the psychological $0.6 price level.
Recent forecasts contrast sharply with the asset’s recent price movements.
rough patches
MATIC’s price action over the past two months has not inspired confidence. After hitting a yearly high near $1.3 in early March 2024, asset prices have endured sharp declines except for a sideways move in May 2024.
The asset’s lackluster price action comes despite several positive developments within the Polygon ecosystem, including a recent partnership with Ronin, the blockchain behind Axie Infinity. At the same time, the network has continued to see significant activity over the past two months.
On the flipside
- Several factors can affect the price of MATIC.
- At its current price, MATIC is about 40% cheaper than its 2024 opening price of $0.9706.
Why This Matters
Polygon’s MATIC has been declining for over two months. However, recent price action suggests that a grace period may be nearing.
To learn more about Polygon, read:
How Fox Powers Polygon-Based Verification with L2 Transitions
Learn about KAI IDO from Kinetix:
Kinetix’s IDO Numbers Beat Expectations: Is KAI Bullish?