Analysts Eye Polygon (MATIC) Price Explosion Post 2023 Lag

Analysts tip MATIC to show significant strength after a lackluster showing in 2023.

Robot shooting Polygon MATIC in all directions.
Created by Kornelija Poderskytė from DailyCoin
  • Polygon (MATIC) lagged behind other major crypto assets in 2023.
  • Despite the slow roll, several analysts have predicted that the asset will explode in 2024.
  • The predictions come on the back of significant technological strides in 2023.

Despite a strong finish to the year, MATIC, the native asset of the Polygon PoS chain, lagged behind other major crypto assets in 2023, ending the year with just a 28% price gain while many other assets more than doubled in price. Following this slow start to what many believe to be the beginning of a new crypto bull market cycle, however, several analysts have tipped MATIC to make a roaring comeback in 2024.

Analysts Eye Strong Polygon (MATIC) Performance

In a tweet on Monday, January 1, prominent crypto analyst “Altcoin Sherpa” contended that despite lagging the broader market in 2023, MATIC currently looked strong, tipping the asset to jump as high as $1.20 in the medium term.

Altcoin Sherpa is not the only analyst who shares this view. In a tweet on the same day, another prominent crypto analyst, Ali Martinez, tipped MATIC to make a run up to $1.25 in the short term while setting a potential long-term target of $1.82. Martinez based his predictions on the asset’s potential break of a months-long symmetrical triangle chart pattern.

At current prices of $0.9973, the analysts’ predictions suggest an over 20% surge in MATIC’s price in the short term and an over 80% surge in the long term. The predictions come as the Polygon network enters into 2024 on the back of multiple technological achievements in 2023.

Polygon (MATIC) Positives

In 2023, Polygon Labs, the development team behind the Polygon network, made several significant strides in the field of zero-knowledge technology, launching the Polygon zkEVM in March 2023, announcing a roadmap to become “The Value Layer of the Internet” through a network of interoperable zero-knowledge-powered Layer 2 application chains.

In line with the roadmap, the Polygon ecosystem is set to undergo multiple significant changes. These changes include an upgrade of its native token from MATIC to POL and transitioning the PoS chain to a validium chain on top of Ethereum.

The vision has already seen buy-in from big firms and brands, including OKX and Flipkart, with the aid of a Chain Development Kit (CDK) launched in August 2023. 

On the Flipside 

  • Several factors affect the price of MATIC, including macroeconomic trends.
  • Polygon Labs intends to upgrade MATIC to POL, which has a different tokenomics model.

Why This Matters

Higher MATIC prices could attract more attention to the Polygon network and the growing technological advancements.

Read this for more on Polygon’s price:
Polygon Reclaims $1 as Mark Cuban Shuffles MATIC to Coinbase

Polygon NFTs are also showing promise. Find out more:
Polygon Hits 10-Month NFT Sales Peak in Strong 2023 Finish

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.