Analyst Claims MATIC Could See ‘Extreme Price Increases’ at Some Point
Journalist
- Analysts believe MATIC will continue to rise.
- Both the number of active addresses and volume have increased, indicating bullish sentiment.
Polygon is a crypto-based company, according to cryptocurrency trader Rekt Capital. [MATIC] It has the ability to go higher. The analyst stated that the forecast bounce depends on the $1.34 level.
Rekt Capital explained in its post that Polygon’s native coin could experience extreme volatility if it were to reverse resistance. If volatility is high, MATIC price could rise above $2 if the momentum is bullish.
MATIC was trading at $1.25 at the time of publication, up 10% in seven days. AskFX observed an increase in on-chain Polygon volume.
The volume is currently one billion. MATIC’s trend could be higher if you combine the rising prices with MATIC.
Dealers may need to pay attention to changes. The uptrend could weaken if price increases while volume decreases.
Source: Santiment
If this is the case, MATIC could come to a complete halt on its journey north. If the price and volume continue to rise, the token could potentially break the $1.34 mark.
AskFX has noticed that circulation has decreased. Polygon’s daily circulation had fallen to 32.23 million at the time of publication. The number of tokens involved in transactions during a period is tracked by circulation.
This also has an impact on evaluating the price of a potential cryptocurrency. The possibility of a sell-out increases as circulation increases. The price of the token could fall. A decline in circulation can be positive as selling pressure can be reduced.
This was the case with MATIC. The price could rise if the number of tokens continues to decline. We also looked at the number of active addresses. This time we looked at the 24 hour period.
The number of active addresses on the Polygon network has increased to 484,000. The increase in active addresses in 24 hours suggests that many Polygon users have been interacting.
This price increase could be seen as a bullish sign.
Source: Santiment
The potential price of MATIC is high, as we have already mentioned. The on-chain analysis also confirms this. It is important to remain cautious despite the agreement between both parties.
MATIC could experience a sharp correction if market participants decide to sell for a profit. The good news is that current market conditions do not allow corrections to continue.
Read Polygon’s [MATIC] 2024-2025 Price Predictions
If the price falls below $1.25, there may be an opportunity to buy at a discounted price. Traders should not get too excited about the potential upside.
The value of the share could increase significantly, but could also stagnate at some point.
