Polygon (MATIC) is on the radar of top market analyst Ali Martinez, who projected a potential bullish breakout for the altcoin. As the analyst pointed out on the X app, MATIC has what it takes to jump as high as $1 in the near term.
Polygon technical markers
According to Martinez, the TD Sequential indicator on the Polygon-USD daily chart presents a buy order. This implies an impending trend change as the cryptocurrency has suffered an intense drawdown owing to more than one week of sell-offs recorded by the token.
At the time of writing, MATIC’s price is pegged at $0.8675, down by 3.57% in the past 24 hours. The bearish drawdown in Polygon is a sustained one from the chart and is extended to the trailing seven-day period. After the mildly bullish consolidation MATIC recorded from March 31 to April 1, it recorded a steep decline from a weekly high of $1.005 to the low it is currently trading at now.
In Martinez’s projection, should MATIC strive to stay above the $0.87 price mark, its bulls may gather enough momentum to push it back above the $1 resistance.
Can Polygon buck trend?
Polygon is one of the dominant Ethereum L2 chains on the market today. Besides being the largest by market capitalization, the protocol has also gained immense recognition as one of the most developed L2s on the Ethereum mainnet.
Known for its collaborations with other blockchain outfits, Polygon has a very rich ecosystem helping to bolster demand for MATIC, a trend strong enough to help it break free from the bearish trend on the broader market.
The prospective upgrade of MATIC to POL is also another positive fundamental that has the potential to help turbo-charge the price of the token in the long term.