Polygon (MATIC) Poised for 60% Surge: Bullish On-Chain Metrics & Technicals30. April 2023
• Polygon’s token MATIC has seen a 36% decline since the local peak of $1.56 on February 18.
• Several factors point to a bullish quarter for Polygon, including bullish on-chain metrics and technicals indicating an over 60% surge in Q2.
• The Dehli hard fork will improve network performance as well.
Polygon’s Bullish On-Chain Metrics
According to a quarterly performance report by the analytical platform Messari, the Polygon PoS chain recorded an average of 400,000 daily active addresses and added 22 million new addresses during the quarter. In addition to being one of Ethereum’s scaling solutions, Polygon Labs is pursuing an aggressive business development strategy partnering with both Web3 and legacy companies, operating a venture arm, and developing a decentralized identity solution Polygon ID. Furthermore, Polygon recorded a near-50% advance in market cap compared to Q4 2022, as the metric reached $10.2 billion by March 31. The boost in total fees stood at 92%, reaching $11.8 million in the same period.
Technicals Suggest Over 60% Boost In Q2
As mentioned, MATIC declined 36% since the February peak but formed a pattern dubbed the “rising channel” since May 2022 which entails two parallel trendlines and a relevant mid-range that take the token price incrementally higher through consecutive support and resistance retests. If this pattern remains applicable then MATIC could see a 60% bullish move in current quarter potentially reaching target of approximately $1.7.
Transaction Volumes Remain Consistent
Polygon’s transaction volume remained consistent throughout the year despite crypto drawdown showing that demand for MATIC tokens remains strong among users and investors alike..
Dehli Hard Fork To Improve Network Performance
The Dehli hard fork scheduled for June will be important for improving network performance such as allowing faster transactions at lower costs with GDEX integration coming soon after that as well which is expected to further increase use case for MATIC tokens..
Overall there are several positive factors pointing towards bullish predictions for MATIC token price with technical indicators suggesting over 60% surge while on-chain metrics remain strong backed up by consistent transaction volumes even during crypto drawdown periods making it attractive investment option both short term and long term depending on investor preferences.