After months of trading within a range, Polygon (MATIC) has experienced a notable breakout, surging over 30% in the past 7 days. The layer-2 scaling solution for Ethereum is gaining momentum, and analysts anticipate a potential rally to new all-time highs.
Currently trading at around $1.03, up from recent lows below $0.80, MATIC has broken out of a prolonged triangle consolidation pattern that persisted since September, prompting optimism among analysts like Captain Faibik, who urges “bulls” to push it to $5. Analyst Lambo Charts highlights parallels with MATIC’s significant 2021 rally, which resulted in gains exceeding 9,400% at its peak.
Will MATIC Eventually Hit $5?
Lambo, the analyst, aims for a 20x increase from current levels, suggesting potential upsides to $2, $5, $8, and $20 for Polygon MATIC. Achieving $20 would set a new record high for MATIC, representing a surge approximately 19 times its present value.
In December 2021, Polygon’s peak reached $2.92 before the broader crypto markets declined. Despite Changelly’s forecast suggesting that MATIC may not reach $5 until December 2027, it’s crucial to recognize the potential for price fluctuations based on market dynamics.
