Polygon (POL) may be on the verge of a massive breakout, with a leading blockchain analyst forecasting a potential price surge of 8,216% to $36. While POL has underperformed compared to other top altcoins like Dogecoin (DOGE) and XRP, technical indicators suggest that the token could soon enter a significant rally.
Underperformance Amid Market Rally
Despite the broader market rally, Polygon has seen modest growth, increasing 2.73% over the past 24 hours and 17.41% in the last week. This lags behind the triple-digit gains recorded by other altcoins, raising questions about its competitive positioning. However, analyst Ali Martinez believes that Polygon may be poised for a major comeback.
Bullish Technical Indicators
Martinez highlighted several bullish signals in Polygon’s recent price action:
- Descending Triangle Breakout:
- POL recently bounced off the x-axis of a descending triangle, a critical technical level. Breaking through the triangle’s resistance could open the door for a substantial price increase.
- Stochastic Oscillator:
- The Stochastic Oscillator showed a bullish crossover, with the %K line moving above the %D line, signaling growing buying pressure and the early stages of a trend reversal.
- MACD Bullish Crossover:
- Polygon’s MACD indicator is nearing a bullish crossover, with the MACD line approaching the signal line. Histogram bars are also becoming less negative, indicating weakening bearish momentum.
Targeting $36: A Bold Prediction
Based on his analysis, Martinez identified $36 as a potential long-term target for POL. From its current price of $0.4329, reaching this level would represent an 8,216% increase. In the short term, Martinez also pointed to intermediate targets of $0.89 (a 167% gain) and $8 (a 2,387% gain) if Polygon breaks through its longstanding resistance.
Network Activity Reflects Growing Interest
Recent on-chain metrics for Polygon underscore rising market interest. Daily active addresses, transaction volumes, and whale activity have all seen significant upticks, suggesting increasing engagement with the network—often a precursor to bullish price action.
Key Resistance Levels and Turning Points
Polygon has struggled to break a key resistance line on its weekly chart since peaking in December 2021. Martinez emphasized that overcoming this barrier could mark a pivotal moment for the asset, triggering further growth.
Conclusion
While Polygon has lagged behind other altcoins, technical and on-chain indicators suggest that a significant rally could be on the horizon. If Martinez’s predictions hold, POL might not only catch up to its peers but far exceed expectations, making it a token to watch closely in the coming weeks.
