The price of Polygon has been dipping for a long time and has now reached a strong multi-year support level. As noted by AMcrypto, the last two times the price touched this support level, it pumped by 600% and 300% respectively.
With the support level already holding, we could see a similar occurrence. The crypto analyst suggested that if the price moves in a similar way again, we could see a major spike to around $1.2 by the end of this year.
$MATIC is now at its multi-year support level.The last 2 times it touched the support level, MATIC pumped 600% and 300%.If something similar happens again, MATIC will be trading above $1.2 by the year end. pic.twitter.com/qWFSumd7Bs
— AMCrypto (@AMCryptoAlex) August 29, 2024
If Polygon (MATIC) breaks below this multi-year price support, there could be a lot of liquidation for MATIC, which will likely make its price crash further.
Upcoming Migration From MATIC to POL Could Support Rally
One of the major catalysts that could also support a price spike from that level is the upcoming upgrade scheduled for September 4.
The upgrade, which will be introducing a new token, is expected to make the Polygon network bullish. Polygon’s MATIC will be replaced by POL as the native token of the network.
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Initially, it will serve as the native gas and staking token for the network, and later on, it will also be crucial in the AggLayer role.
The major upgrade is a significant part of Polygon 2.0 roadmap. Developers have included all the information users and MATIC holders need to know on their website.
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The post The Last Time This Happened MATIC Price Pumped 600% as Polygon’s Upgrade Is Now Days Away appeared first on CaptainAltcoin.