The MATIC price hasn’t moved much recently and is now trading slightly above the $0.5 mark.
In the last 30 days, the price is down around 5%, so Polygon is currently not a hot topic among crypto traders.
However, being part of the Ethereum ecosystem, Polygon can also benefit from ETH ETFs approvals. ETFs still haven’t affected Ethereum’s price though.
Polygon’s Q2 2024 Performance
Polygon demonstrated impressive growth in Q2 2024, according to Messari’s report. Key highlights include:
Daily active addresses increased to 1.2 million, showing a 47.6% quarter-over-quarter growth
Stablecoin market cap rose to $1.8 billion, marking a 17.5% increase
Technical advancements such as the launch of AggLayer and integration with SP1 for zkVM
These metrics suggest that Polygon’s ecosystem is expanding and attracting more users, despite the recent price stagnation.
Source: Messari/X Technical Analysis and Price Projections
More Crypto Online, a respected analyst known for insightful technical analysis, shared their thoughts on MATIC’s price action:
He shared a potential bullish scenario for MATIC. The analyst suggests that a larger diagonal pattern might be forming, consisting of five 3-wave patterns. This structure makes it challenging to confirm a low in the second wave until all five upward waves are complete.
$MATIC: The only way that I can see a bullish scenario work from here is if a larger diagonal pattern is unfolding, which means waves 1-5 are 3-wave patterns. This will make it challenging to confirm that a low in wave ii has formed until all 5 waves to the upside are complete,… pic.twitter.com/UNsPNSvn5h
— More Crypto Online (@Morecryptoonl) July 29, 2024
According to this analysis, MATIC’s price could potentially reach $0.75 as it forms these five waves. A significant indicator for this bullish scenario would be a break above $0.56, which represents the peak of the first wave. However, the analyst cautions that the $0.455 level serves as a crucial micro support. This level must hold for the bullish scenario to remain viable.
Looking ahead to a potential bull run peak, MATIC is expected to reach at least the $1 level, which represents approximately a 2x increase from current prices. It’s worth noting that MATIC’s 2024 yearly high actually exceeded $1.2, hit in March. This indicates that MATIC holders still have a considerable journey ahead to reclaim previous highs.
Read also: XRP Price Surges: Ripple Analysts Predict Bullish Rally—Here’s Why
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
The post Polygon On-Chain Metrics Pump: Will MATIC Price Hit $1? appeared first on CaptainAltcoin.