The MATIC price hasn’t moved much recently and is now trading slightly above the $0.5 mark.
In the last 30 days, the price is down around 5%, so Polygon is currently not a hot topic among crypto traders.
However, being part of the Ethereum ecosystem, Polygon can also benefit from ETH ETFs approvals. ETFs still haven’t affected Ethereum’s price though.
What you'll learn 👉
Polygon’s Q2 2024 Performance
Polygon demonstrated impressive growth in Q2 2024, according to Messari’s report. Key highlights include:
- Daily active addresses increased to 1.2 million, showing a 47.6% quarter-over-quarter growth
- Stablecoin market cap rose to $1.8 billion, marking a 17.5% increase
- Technical advancements such as the launch of AggLayer and integration with SP1 for zkVM
These metrics suggest that Polygon’s ecosystem is expanding and attracting more users, despite the recent price stagnation.
Technical Analysis and Price Projections
More Crypto Online, a respected analyst known for insightful technical analysis, shared their thoughts on MATIC’s price action:
He shared a potential bullish scenario for MATIC. The analyst suggests that a larger diagonal pattern might be forming, consisting of five 3-wave patterns. This structure makes it challenging to confirm a low in the second wave until all five upward waves are complete.
According to this analysis, MATIC’s price could potentially reach $0.75 as it forms these five waves. A significant indicator for this bullish scenario would be a break above $0.56, which represents the peak of the first wave. However, the analyst cautions that the $0.455 level serves as a crucial micro support. This level must hold for the bullish scenario to remain viable.
Looking ahead to a potential bull run peak, MATIC is expected to reach at least the $1 level, which represents approximately a 2x increase from current prices. It’s worth noting that MATIC’s 2024 yearly high actually exceeded $1.2, hit in March. This indicates that MATIC holders still have a considerable journey ahead to reclaim previous highs.
Read also: XRP Price Surges: Ripple Analysts Predict Bullish Rally—Here’s Why
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