Polygon (MATIC) has been attracting considerable attention lately, experiencing a notable 10% surge over the past week. Demonstrating impressive resilience, MATIC has soared by approximately 43% within the last month.
At the time of writing, the price of Polygon stands at $1.223249, accompanied by a robust 24-hour trading volume of $2.25 billion and a market capitalization of $9.79 billion. Over the past 24 hours, MATIC’s price has seen a modest increase of 0.46%.
Polygon (MATIC): Bullish Roadmap Towards $10
Professor Astrones is a renowned crypto analyst who has been pretty bullish about the price trends of MATIC, underpinning a massive rising channel. The analyst predicts that the present momentum in MATIC, in which it hasn’t started an uptrend in price, suggests the above observation coins that the cryptocurrency has more room for an upward climb in its value.
Further, the analyst provided two spot price targets for MATIC that will give a perspective to the on-chain and set a roadmap for it in the future. The first target level is set at around $2 per MATIC token, which is quite an escalation compared to the price at present levels. This target represents a significant milestone in the anticipated appreciation of MATIC’s value.
Moreover, the analyst noted that the most audacious second target for the price of MATIC tends to aim at $10 per MATIC token, showing tremendous value gain of their present value. Hitting this will, represent a significant jump not only in the market capitalization of MATIC but in its general value in the crypto ecosystem.
Looking ahead, Professor Astrones is confident in realizing these price targets, projecting that they will materialize by 2024. It is a kind of timeline for investors and market participants to track MATIC and its appraisal versus the goals set.
MATIC Technical Analysis Signals Favorable Growth
Polygon is currently following an upward trajectory within a medium to long-term trend channel. This upward movement suggests favorable growth and heightened investor interest in the currency.
Notably, the recent breakout above the resistance level at 1.09, supported by an inverse head and shoulders formation, signals a positive development. This breakout potentially paves the way for further upward movement, with a projected target of 2.04 or higher.
Additionally, the absence of significant resistance on the price chart implies a conducive environment for continued ascent. In the event of a negative market reaction, the currency finds support around 1.02 points, providing a buffer against downward pressure.
