MATIC Bounce in Altcoin Rally: The Start of a 100% Surge?

MATIC shows signs of a resurgence. Is the $1 price point finally within reach?

Guy on a bike riding on massive mountains towards Polygon (MATIC).
Created by Kornelija Poderskytė from DailyCoin
  • MATIC has experienced a price bounce.
  • Several analysts have tipped the recent price bounce as the beginning of a massive rally.
  • The expectations come in stark contrast to the asset’s recent price movements.

After a significant price decline over the past week due to the Fed’s hawkish stance, altcoins have experienced a relief rally in the past 24 hours. Polygon’s native token, MATIC, is among the assets seeing a price bounce.


Amid the recent price activity, analysts are predicting that MATIC is on the verge of kicking off a significant price rally. Is the $1 price point finally within reach?

MATIC Set to Make a Comeback?

MATIC is showing signs of a resurgence. Amid a broader altcoin rally, the asset has surged 9% from multimonth lows around $0.53 to about $0.5775 at the time of writing.

MATIC/USDT 4-hour candle chart.
MATIC/USDT 4-hour candle chart. Source: TradingView

Amid the recent bounce, analysts have made significantly bullish calls for the asset’s price. Crypto analyst “CrediBuLL Crypto” shared a chart suggesting that MATIC will likely continue its recent bounce to at least the $0.95 price point.

Similarly, “Cryptomist” in a recent post enthused “I am long” after identifying a falling wedge chart pattern on MATIC’s four-hour candle chart. Unlike CrediBuLL Crypto, however, Cryptomist has set a more optimistic target of $1.15.

Still, before MATIC can reach any of these targets, the asset has to surmount the resistance at the psychological $0.6 price level.


The recent predictions significantly contrast the asset’s recent price moves.

A Rough Patch

MATIC’s price action over the past two months does not inspire confidence. After hitting yearly highs near $1.3 in early March 2024, the asset’s price has endured a steep decline punctuated only by sideways movement in May 2024.

MATIC/USDT daily candle chart
MATIC/USDT daily candle chart. Source: TradingView 

The asset’s lackluster price action comes despite several positive developments within the Polygon ecosystem, including a recent partnership with Ronin, the blockchain behind Axie Infinity. At the same time, the network has consistently seen significant activity in the past two months.

On the Flipside

  • Several factors can affect the price of MATIC.
  • MATIC is about 40% below its 2024 opening price of $0.9706 at current prices.

Why This Matters

Polygon’s MATIC has been in a downturn for over two months. However, recent price action suggests that a reprieve might be close.

Read this for more on Polygon:
How Fox Bolsters Polygon-Based Verify With L2 Transition

Learn about Kinetix’s KAI IDO:
Kinetix’s IDO Numbers Beat Expectations: Bullish for KAI?

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.

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.