Polygon to $50? MATIC needs to meet THIS condition first

• MATIC’s price moved marginally over the last seven days. 
• Market indicators suggested that MATIC might turn bullish. 

While several cryptos turned bullish last week, Polygon [MATIC] bulls took a side seat.

However, if MATIC manages to meet one major condition, then it might showcase a tremendous price surge in the coming days, which can allow it to regain a spot on the top 20 list.

Let’s take a look at what MATIC is cooking.

Polygon investors are at loss 

CoinMarketCap’s data revealed that MATIC’s price increased marginally over the last seven days. A similar trend was also noted in its 24-hour chart.

At the time of writing, MATIC traded at $0.4215 with a market capitalization of over $4 billion, making it the 21st-largest crypto.

Because of the massive drop in price over several months, only 2% of MATIC investors were in profit, as per IntoTheBlock’s data.

This also had a negative impact on Polygon’s social metrics as its Weighted Sentiment went into the negative zone. This suggested that bearish sentiment around it increased.

However, its Social Volume did spike once last week. 

Source: Santiment

However, Ali, a popular crypto analyst, recently posted a tweet that hinted at a MATIC bull rally.

If that happens, then investors might witness the token touching $50, which could allow it to reclaim its spot on the top 20 list of cryptos by market cap.

However, that bull rally would only take place if Polygon manages to close this week above $0.30. 

What to expect from MATIC

AMBCrypto then took a closer look at the token’s on-chain data to find out the odds of it closing above $0.30. We found that MATIC’s trading volume declined over the last week.

A dip in this metric generally suggests that there are chances for the current price trend to change. Another bullish signal was the MVRV ratio, which improved over the last seven days.

However, its Supply on Exchanges increased slightly over the past few days, indicating that selling pressure was high. 

Source: Santiment

AMBCrypto then checked Polygon’s daily chart to find out what market indicators hinted at. The technical indicator MACD displayed a bullish crossover.

Its Chaikin Money Flow (CMF) also registered an uptick, hinting at a price rise. Nonetheless, the Relative Strength Index had a value of 40 at press time, which was bearish. 

Source: TradingView

Read Polygon’s [MATIC] Price Prediction 2024-25  

If a bull rally takes place, then Polygon’s price might reach $0.44 in a few days, which could allow it to begin its journey towards $50 in the coming months.

However, if the bears dominate the market, then MATIC might plummet to $0.38. In either of the situations, it seemed likely for the token to close above $0.30. 

Source: Hyblock Capital