Polygon (MATIC) has been showing bullish signals after maintaining a bearish outlook for some time. Analysts predict that the token could soon experience a significant move to the upside, with World of Charts forecasting a potential 1,000% rally. The analyst suggested that Polygon could reach between $4 and $5 in the midterm, with a long-term target of as high as $40 by the end of the year or in 2025. Additionally, the analyst noted that a price range of $10 to $12 was an “easy target” for MATIC.
Market data from IntoTheBlock indicates that most of Polygon’s on-chain metrics are bullish, including an increase in large transactions, suggesting accumulation by crypto whales. The upcoming altcoin season could further boost Polygon’s rally, as Spot Ethereum ETFs are expected to trigger the run for altcoins. As one of the prominent Ethereum-based tokens, Polygon is well-positioned to benefit from the rally within the Ethereum ecosystem.
Crypto analysts such as CrediBUL Crypto and Mayor of Matic have also hinted at Polygon’s potential bullish reversal. CrediBUL Crypto mentioned that it was almost time for him to flip bullish on Polygon after going short on the token for a while. Mayor of Matic highlighted a wedge pattern on Polygon’s chart, predicting a powerful breakout above the wedge. Crypto analyst Crypt Kaleo had previously suggested that Polygon was primed for a parabolic move, which could happen sooner rather than later given its consolidation period.
Despite trading at around $0.56 at the time of writing, down over 2% in the last 24 hours according to CoinMarketCap, Polygon’s price action is showing signs of potentially reversing its bearish trend. With bullish signals and positive on-chain metrics, the token could be gearing up for a significant rally in the near future. As analysts predict a potential surge in price levels, investors and traders are closely monitoring Polygon’s movements to capitalize on potential gains. Stay tuned for updates on Polygon’s price action and market outlook as the altcoin season unfolds.
