The price of Polygon’s (MATIC) token has emerged as the leader among all other cryptocurrencies in the market, as it has recovered its pre-Terra levels. The token’s price has risen to a 9-month high, reaching beyond $1.4 and displaying the potential for continued bullish trends ahead. The platform has gained significant traction, with a spike in DeFi and NFT activities contributing to this trend.
In addition, the much-anticipated zk-EVM roll-up is set to launch in the last week of March, which is expected to kick-start the next bullish wave soon.
The MATIC price has been trading within a rising parallel channel, maintaining its trend within the upper bands. With the recent upswing, the price is attempting to break through the upper bands of the channel and secure levels beyond the higher target of $1.51.
The RSI has also maintained an elevated trend, and despite a minor plunge, the levels have been maintained above the average. Moreover, the buying volume has surged, indicating that bullish momentum may prevail for a longer period.
As the price surges above the crucial resistance at $1.5, the bulls may gain complete control over the rally. The price may continue to test higher resistance in the coming days, with $2 being the first threshold to surpass.
Furthermore, whale accumulation has intensified as retail traders increase their activity over the platform. Therefore, with the combined effort of investors and bulls, the MATIC price may rise heavily, marking new highs in 2023.
Source: https://coinpedia.org/price-analysis/top-reasons-why-polygon-matic-price-could-mark-a-new-ath-above-3-in-2023/