With most assets in the cryptocurrency sector starting to slow down their gains from previous weeks, Polygon (MATIC) is still going strong, having broken the $1 threshold, recording significant increases on all of its charts, and showing signs of further bullish continuation above $1.70.
As it happens, Polygon’s cryptocurrency seems to be on the brink of breaking out from a symmetrical triangle, according to the chart pattern observations shared by the renowned crypto market analyst Ali Martinez in an X post he published on December 26.
Furthermore, the crypto trading expert pointed out that “a sustained weekly candlestick close above $0.96 could propel MATIC towards $1.73,” as demonstrated in his analysis of the Polygon’s price movement chart zoomed out to account for the action since 2021.
It is also worth noting that Martinez earlier noticed a substantial increase in whale activity on the MATIC network that often signals positive price change, adding that “we could be on the brink of a major MATIC price move,” as he explained on December 21, when Polygon was still trading below the $1 level.
Polygon price analysis
Meanwhile, MATIC was at press time changing hands at the price of $1.045, which indicates an increase of 17.97% in the last 24 hours, in addition to a 34.37% gain across the previous seven days and a 40.57% advance on its monthly chart, as per the data retrieved by Finbold on December 27.
Overall, the price of Polygon’s crypto asset does, indeed, seem to be getting ready for a rally to $1.70 and beyond as it demonstrates resilience amid challenges and emerges from a position of ‘yearly loss’ in its price. However, the final confirmation of Martinez’s predictions will happen by the end of this week.
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