Polygon (POL) hit its four-month excessive immediately following its 11% every day surge. The cryptocurrency surpassed the $0.60 mark earlier than retracing, sparking a bullish sentiment amongst traders and market watchers. Because of this, a famend crypto analyst predicted an enormous 2,500% rally for POL within the coming months.
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Polygon On-Chain Metrics Flip Bullish
Polygon has seen a exceptional efficiency over the previous three weeks, rising round 107% for the reason that November 5 market pump. POL, beforehand MATIC, has seen its worth transfer from beneath the $0.30 mark to a four-month excessive of $0.61.
This efficiency has been fueled by a number of components, which have propelled the token’s worth by almost 40% within the final seven days and will stage “one of the vital hated rallies,” as Ali Martinez shared on X.
The analyst defined that Polygon has been experiencing an “vital spike in on-chain metrics” over the past week, which may drive POL’s worth to a “wild” worth motion sooner or later.
Martinez famous that a number of traders maintain Polygon from the earlier cycle, the place the mission’s token hit its all-time excessive (ATH) of $2.92. Nonetheless, most of them file losses since solely 15.11% of Polygon holders are within the inexperienced.
Per the publish, it is a optimistic signal for POL’s worth motion, as most of its traders received’t promote for revenue on the present worth ranges. The analyst added that on-chain information suggests a brand new wave of traders are positioning themselves for the rally’s second leg.
This was signaled by the current enhance in every day energetic addresses, transaction quantity, and whale exercise. POL’s every day buying and selling quantity has recorded a 190% enhance within the final week, leaping from the $250 million mark to $736 million.
Moreover, whales purchased over 140 million POL, now price round almost $80 million, within the final week and a half, with large-scale purchases considerably rising since November 5.
POL To Hit $15 This Cycle?
Martinez urged that with the whales’ shopping for spree and the decreased promoting strain, the POL “technicals look excellent.” To him, the cryptocurrency is nearing a breakout from a multi-year descending triangle.
The analyst defined that Polygon has been consolidating in a descending triangle formation since hitting its ATH nearly three years in the past. Practically per week in the past, the token “bounced off the triangle’s x-axis,” and had its Transferring common convergence/divergence (MACD) “on the verge of a bullish crossover.”
This urged that whereas sentiment stays total bearish, “bullish alerts are piling up,” indicating a possible rally towards a brand new ATH.
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Based mostly on this, Martinez predicted that POL’s breakout may probably result in a 2,500% rally within the coming months. A weekly shut above $0.7973 may spark a rally to $15.27, he detailed, including that it may additionally ignite a 6,200% soar to $36.17.
The analyst added that a very powerful assist wall for POL was between the $0.375 and $0.386 worth vary, damaged over per week in the past, with little resistance within the larger ranges.
As of this writing, POL is buying and selling at $0.58, a 75% enhance within the month-to-month timeframe.
Featured Picture from Unsplash.com, Chart from TradingView.com
