Polygon (MATIC) Displays Bullish Setup That Might Drive Price to $1.7

Polygon (MATIC) currently displays a bullish set-up which, according to a market analyst, might eventually trigger a massive rally in its price.

Polygon is in the spotlight amid a pivotal rebound that has set its price on a new bullish path. According to market analyst Ali Martinez, Polygon shows promising signs when viewed for the long term. 

Martinez recently shared a chart that shows Polygon’s multi-year symmetrical triangle with key highlights that can determine the next trend for the token.

MATIC to $1.73: Bullish Conditions Defined

Market data shows MATIC is currently trading for $0.9817, up 2.87% in the past 24 hours. According to Martinez, maintaining sustained growth above the $0.96 level is a good omen that might spark a new bull rally.

Martinez presented a chart that shows the historical trend of MATIC from December 2021 to date. Within this period, Polygon dropped from its ATH of $2.92 to a low of $0.32 in June 2022.

The altcoin has printed lower highs and higher lows since it recorded these 2 distinct price ranges, trading within an extended symmetrical triangle.

MATIC recently rebounded from the $0.7384 support recorded on January 26 and now that it has broken free from the long-term symmetrical triangle, Martinez has set new targets.

The first significant target on Martinez’s radar is pegged at $1.2504. If the crypto asset sustains the bullish momentum, the analyst foresees its price jumping as high as $1.7304 in the long term.

#Polygon shows promising signs from a long-term perspective. The prevailing pattern appears to be a multi-year symmetrical triangle.

If $MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73! pic.twitter.com/qjgn6sN1oV

— Ali (@ali_charts) February 21, 2024

Polygon Growth Mantra

Polygon is on a major development ride with the developers in its ecosystem doing all they can to roll out new products with unique innovations on display.

From Polygon CDK, a tool that allows other Web3 projects to build their DApps, to the Polygon zkEVM protocol and other advances in tokenization, Polygon is becoming increasingly attractive to crypto-focused non-crypto firms.

Over the past years, Polygon has scored numerous partnerships, with those featuring Starbucks and Flipkart taking the limelight. The Layer-2 scaling solution’s growth strategy is to create an ecosystem of enterprises and Web3 users that can grow its userbase and place demand on MATIC.