Polygon (MATIC) is again flashing bullish signals, having maintained a bearish outlook for some time now. These bullish signals suggest that the token could soon make a big move to the upside. Interestingly, crypto analyst World of Charts has predicted that Polygon could enjoy a 1,000% rally when this move happens.
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Polygon To Rise To As High As $5
World of Charts predicted in an X (formerly Twitter) post that Polygon could rise to between $4 and $5 within the midterm. He made this prediction while stating that this is likely to be the last probability to build up MATIC before the solid bullish wave, which he expects to occur soon enough. He suggested that this move for Polygon could occur throughout the imminent altcoin season.
Interestingly, the crypto analyst expects Polygon to rise much higher than $5 in the long run. From the chart he shared, he hinted on the crypto token rising to as high as $40 by year-end or sometime in 2025. Meanwhile, he stated that a price between $10 and $12 was an “easy goal” for MATIC.
Data from the market intelligence platform IntoTheBlock shows that almost all of Polygon’s on-chain metrics are bullish, which could help contribute to the crypto token’s move to the upside. One in every of these metrics is the big transactions, which have been on the rise recently, suggesting that crypto whales are actively accumulating the crypto token.
MATIC is currently trading at $0.56. Chart: TradingView
Moreover, Polygon looks well positioned to enjoy a big rally when the given altcoin season kicks off, considering that the Spot Ethereum ETFs are believed to be what is going to trigger this run for altcoins. That implies that the rally could begin within the Ethereum ecosystem, where Polygon stays one of the outstanding Ethereum-based tokens.
Time To Flip Bullish On Polygon
Crypto analyst CrediBUL Crypto also recently suggested that Polygon’s bullish reversal was on the horizon. He revealed that he had been going short on the crypto token for some time now but stated that it was almost time for him to flip bullish on Polygon. Crypto analyst Mayor of Matic also recently highlighted a wedge pattern on Polygon’s pattern and stated that the breakout above the wedge will likely be “powerful.”
Crypto analyst Crypt Kaleo had earlier in March highlighted Polygon’s chart and suggested that the crypto token was looking well primed for that move. As such, considering how long it has consolidated since then, this parabolic move could occur sooner fairly than later. Nonetheless,it stays to be seen if MATIC can rise as high as $5 as World of Charts predicted.
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On the time of writing, Polygon is trading at around $0.56, down over 2% within the last 24 hours, based on data from CoinMarketCap.
Featured image from Getty Images, chart from TradingView