Polygon (MATIC) Set for Potential Surge if Key Level Holds, Say Analysts

After reshuffling his altcoin investments, cryptocurrency analyst Michaël van de Poppe has highlighted several assets with strong potential returns.

Meanwhile, his colleague Ali Martinez is focusing on one altcoin he believes could make significant gains if certain conditions are met.

If altcoin season kicks off, #Polygon $MATIC will melt faces! But don’t go ape yet, as a weekly close below $0.30 would invalidate the bullish thesis. pic.twitter.com/bf98oGQsuS

— Ali (@ali_charts) August 13, 2024

Martinez is particularly optimistic about Polygon (MATIC), stating that if the altcoin season begins as anticipated by van de Poppe, Polygon could experience substantial growth.

Martinez has emphasized that for this to happen, Polygon must close the week above $0.30. Falling short of this threshold could negate the bullish outlook. According to Martinez, meeting this condition could see Polygon reaching $50 by late 2025.

Another analyst, Cryptorphic, shares a positive view on Polygon, though with a slightly more cautious approach. Cryptorphic predicts a potential surge of over 600% following Polygon’s recent bounce off a key support level.

MATIC hit the lower support level as expected. Since our previous update, MATIC has dropped 30% and is currently within the support range of $0.316 to $0.387.

MATIC must hold this support because if it fails and breaks down, things could turn out poorly.

Key Observations… pic.twitter.com/oxNa3kZlAk

— Cryptorphic (@Cryptorphic1) August 12, 2024

However, he also warns of potential setbacks if MATIC fails to hold its critical support range between $0.316 and $0.387. In such a scenario, the resistance could rise to $0.9860, with a long-term target of $2.923.

Currently, Polygon is trading at $0.42, reflecting a 1.7% increase in the past 24 hours and a 3.7% gain over the last week.