- Polygon’s MATIC has soared to its highest price since March 2023.
- The MATIC rally coincides with Bitcoin’s recent run to new all-time highs.
- MATIC’s recent price action has strengthened sentiments that the asset has finally kicked off its bull market rally.
After months of lackluster price performances, Polygon‘s native token MATIC appears to be gaining momentum. Amid a Bitcoin-led market-wide rally, the asset has broken above the multi-month $0.75 to $1 price range and now soared to its highest point since March 2023.
Polygon MATIC Soars
Over the past 24 hours, MATIC has surged nearly 10% from lows of about $1.14 to highs near $1.25 for the first time since March 2023 before slightly shedding recent gains to trade around the $1.23 price point at the time of writing.
The MATIC rally comes as most crypto assets continue to mirror Bitcoin’s impressive price moves that have led to new all-time highs in the past week as inflows to spot Bitcoin ETFs continue to come hard and fast and excitement around the Bitcoin halving builds.
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According to CoinGecko data, MATIC and the leading crypto asset by market cap are both up nearly 10% in the past week, as the latter continues to drive excitement and activity around the broader crypto market.
Beyond the Bitcoin buzz, Polygon Labs, the development team behind the eponymous blockchain network, has also whipped up excitement around the project with several technological releases and announcements in recent weeks. The most recent launch from the firm is an interoperability layer that promises to allow users to experience the entire Polygon ecosystem of Layer 2 blockchains like a single chain.
Amid MATIC’s recent price run, some now speculate that the asset has finally entered a bull market after lagging behind other major crypto assets in 2023.
Polygon MATIC Bull Market in Full Swing?
While most major crypto assets averaged triple-digit percentage gains in 2023, MATIC only recorded a 30% price bump within the year, primarily stuck within the multi-month $0.75 to $1 price range. However, towards the end of February 2024, the asset broke above the range.
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At the time, prominent crypto analyst Ali Martinez noted that MATIC could signal the start of a bull rally by holding above the resistance, predicting a potential run to $1.73.
On the Flipside
- CoinGecko data at the time of writing shows that MATIC remains 58.2% below its all-time high of $2.92.
Why This Matters
After underperforming the broader crypto market in 2023, MATIC’s recent price action suggests the asset may finally be ready to kick off its bull market rally.
Read this for more on MATIC’s price action:
Polygon MATIC Reclaims $1, but Can It Hold out This Time?
See how Pyth Oracles boost Polygon AggLayer chains:
First Polygon (MATIC) AggLayer Chain Gets Pyth Oracles Boost
