Cryptocurrency Analyst Anticipates a 100% Price Surge in MATIC – Here are the Key Factors to Watch

MATIC Price Analysis

MATIC, the native token of the Polygon network, has recently demonstrated notable momentum, echoing the trend seen in various altcoins. Despite positive price performance, the cryptocurrency has struggled to surpass the $1 mark and has faced resistance around the $0.9 zone.

However, a recent projection by crypto analyst Ali Martinez suggests that the fortunes of MATIC might be on the brink of change.

Will MATIC Price Surge by 100%?

Prominent crypto analyst Ali Martinez has shared a bullish outlook for the MATIC price. In a post on the X platform, Martinez highlights the potential for a bullish breakout that could double the current value of the altcoin.

Martinez’s prediction centers around the symmetrical triangle pattern forming on the Polygon weekly price chart. Notably, the MATIC triangular formation intersects with the $0.96 price point and the 50% Fibonacci retracement level.

This symmetrical triangle pattern forms the basis of Martinez’s projection. The analyst suggests that “a daily or weekly candlestick close above $0.96 could be the spark for a bullish MATIC breakout.” If this crucial level is breached, Martinez anticipates a surge towards $1.82.

This projection signifies an approximately 100% rally from the current price point. As of the latest update, the Polygon token is valued at $0.905165, reflecting a nearly 2% price decline in the past 24 hours. Despite this, MATIC holds the 15th position among cryptocurrencies, boasting a market capitalization of approximately $8.42 billion.

On-Chain Data and Support Levels

Further supporting Martinez’s projection, on-chain data reveals insights into the potential for a bullish run for MATIC. Martinez, in a previous post on X, shared information from the analytics platform IntoTheBlock. According to the blockchain platform, approximately 42,000 addresses acquired 5.8 billion tokens within the $0.80 to $0.86 price range, designating this range as a “key” support zone.

As depicted in the chart, the small size of the dots indicates low investor density, with no significant on-chain resistance above the current MATIC price. Martinez concludes, “Given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level holds.”