According to crypto analyst Ali, Polygon (MATIC), the native token of the Polygon network, an Ethereum layer-2 scaling solution, has been consolidating in a multi-year symmetrical triangular pattern.
This chart pattern suggests that the price might be building up for a potential breakout, which might result in a 90% upside move for MATIC.
Ali mentioned in a tweet that Polygon was exhibiting promising signs from a long-term perspective. He also stated that the prevailing pattern for Polygon appears to be a multi-year symmetrical triangle.
A symmetrical triangle is a chart pattern that forms when the price achieves lower highs and higher lows, resulting in two converging trend lines. The pattern typically represents a period of indecision and uncertainty on the market, with buyers and sellers evenly matched. The pattern is considered neutral until a breakout occurs, which often occurs when the price hits the apex of the triangle or at the point where the trend lines intersect.
According to Ali, if MATIC can maintain a close above $0.96, it might herald the start of a bull rally, with a potential target of $1.73. If this pattern breakout holds, a rise to $1.73 indicates an 89.56% increase over current levels.
At the time of writing, MATIC was up 5.21% in the last 24 hours to $0.97. The token has likewise gained 7% weekly.
Polygon news
Polygon recently celebrated Polygon ID Release 6, marking another big milestone on Polygon ID's path to becoming the most widely used digital identity solution.
The highlight of this release is the first-ever implementation of Dynamic Credentials, a W3C protocol that allows users to automatically refresh expired credentials from their wallets.
Polygon ID Release 6 also includes numerous significant improvements that increase Polygon ID's on-chain capabilities while also laying the groundwork for addressing key Web3 issues, such as Sybil assaults, among others.