Polygon’s double bottom is ready, on-chain data helps restart the bull market

Polygon is poised to break through the bear market haze, with a double bottom target of $1. With a 63% surge in trading volume, the dawn of the altcoin bull market is beginning to emerge. Since hitting bottom in March, Polygon has shown signs of reversal at the key support level of $0.38, indicating the formation of a double bottom pattern and may lead to a new wave of recovery. Despite experiencing a 68% retracement, the weekly RSI shows a bullish divergence, reinforcing rising expectations.

MATIC is currently trading at $0.412, and the long tail of the weekly candle shows a recovery signal. Low demand is rising, and the trend reversal is imminent. On-chain data is also strong, with significant increases in transfer volume, active addresses and transaction volume, and a surge in network activity, reflecting increased user engagement.

Once the upper trend line is broken, a buying opportunity appears. According to Fibonacci predictions, MATIC's upside potential can reach $0.616. Under a more optimistic scenario, the market's combined efforts may help it hit the $1 mark. Polygon is on the fast lane to restart the bull market, and investors need to pay close attention to market dynamics and seize good opportunities.

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