- MATIC was up by over 4% in the last 24 hours alone.
- Market indicators looked bullish on the token.
Polygon [MATIC] recently managed to showcase a bull pattern on its price chart, which hinted that the token might regain its lost glory.
Notably, the token’s price broke above and retested a key level. So, should investors expect to 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 analyses, recently uploaded a tweet highlighting interesting developments around Polygon.
As per the tweet, MATIC broke out in a symmetrical triangle pattern. After breaking it out, it was also about to retest the new support level.
This indicated a possible bull rally in the coming days, which can allow MATIC to once again come into the limelight.
In fact, if the bull rally happens, MATIC’s value might even touch the $2.9 mark, which might guarantee MATIC’s re-entry into the top 10 club.
According to CoinMarketCap, MATIC was already showing signs of recovery, as its value surged by more than 4% in the last 24 hours alone.
At press time, the token was trading at $1.07 with a market capitalization of over $10.5 billion, making it the 18th largest crypto.
Is the road ahead smooth?
Since MATIC’s price action turned bullish and there were chances of a massive price rise, AMBCrypto checked Hyblock Capital’s data to find any red flags.
Our analysis revealed that MATIC will witness high liquidation once its price touches the $1.09 mark. Since liquidation would increase, it hinted that MATIC’s value might witness a correction at that level.
Source: Hyblock Capital
Though there might be a slight correction ahead, buying pressure on the token remained high. This was evident from the rise in its supply outside of exchanges and a drop in its Supply on Exchanges.
Additionally, Polygon’s Exchange Outflow also spiked quite a few times last week. However, whales seem to have been losing confidence in the token, as MATIC’s supply held by top addresses dropped slightly.
Source: Santiment
Read Polygon’s [MATIC] Price Prediction 2024-25
To double-check what to expect from Polygon, AMBCrypto then took a look at its daily chart. We found that Polygon’s Money Flow Index (MFI) registered an uptick and was headed towards the neutral mark.
Additionally, as per the Bollinger Bands, MATIC’s value was closing in on its 20-day simple moving average (SMA), which too hinted at a further rise in the token’s value in the days to follow.
Source: TradingView
