After the recent bull run, the market has entered a consolidation phase. This sends a bearish signal, but from a broader perspective, the market is preparing for the next bullish move. However, unlike the confused market sentiment, Polygon’s market action has remained more or less stagnant.

Although it fluctuates within predetermined resistance and support levels, the rally persists in decisive phases with the possibility of both bullish breakouts and bearish pullbacks.

MATIC price has failed to demonstrate a massive bullish move in over 20 months. MATIC price did surge by over 40% in the final days of the first quarter, but all gains were washed away in the following two weeks. This move forced the price to consolidate in a narrow range and hold the multi-year support level since 2021. The bearish action created several touchdowns at this level, followed by a sharp rise.

So, since the rally showed similar price action, the question arises whether the MATIC price will show the same surge of over 10,000%.

As mentioned earlier, MATIC price continues to fluctuate between the decisive symmetrical triangle and is approaching the apex. Interestingly, the Gaussian channel recently turned bullish but is trading below the average range. Therefore, the level around $0.8 can be considered as a critical resistance level that needs to be reached, which may push the price to $1 in the next bullish wave. It is worth noting that the bulls are yet to join the fray as the bears are proving to be strong.

Looking at the bigger picture, bears have been showing strong strength since the 2022 bear market, while bulls remain weak. Therefore, MATIC price is expected to continue consolidating until it rises above the average level. Once this movement materializes, a breakout could occur, initially taking the price above $1, followed by a move higher to reclaim the overhead targets and form a new ATH in the last days of 2024 or early 2025.

(Personal opinion, not a recommendation)

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