According to U.Today, top market analyst Ali Martinez has Polygon (MATIC) on his radar and predicts that the digital currency could see a bull breakout. Martinez noted on the X app that MATIC has the potential to rise to $1 in the short term. According to Martinez's observation, the TD Sequential indicator on the Polygon-USD daily chart is showing a buy order, which means the cryptocurrency could be about to change its trend. Over the past week, the cryptocurrency has experienced a sharp decline due to the continuous sell-off of tokens.
At the time of writing, MATIC is priced at $0.8675, down 3.57% in the past 24 hours. Polygon’s bearish trend is persistent from the charts and extends to the past seven days. It fell sharply from weekly highs of $1.005 to its current lows after a slight bullish consolidation from March 31 to April 1. Martinez predicts that if MATIC can stay above $0.87, its bull run could gather enough momentum to push it back above the $1 resistance level.
Polygon is one of the dominant Ethereum L2 chains in the market right now. In addition to being the largest by market cap, the protocol has gained wide recognition for being one of the most developed L2s on the Ethereum mainnet. Polygon has numerous collaborations with other blockchain companies and has a very rich ecosystem that helps to bolster demand for MATIC, a trend that could be enough to help it escape the bearish trend in the wider market. The possibility of MATIC upgrading to POL is also another positive fundamental that could potentially boost the token’s price in the long term.