Polygon (MATIC) Price Poised For 6x Rally in Coming Months

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Polygon (MATIC) has recently been preparing to enter the parabolic phase of the confirmed bull market. Since the successful rebound in October last year, MATIC, which is gradually evolving into a POL token through the Polygon 2.0 economics, has risen more than 83 percent. 

However, the mid-cap altcoin, with a fully diluted valuation of $9.2 billion and a 24-hour trading volume of around $520 million, has been trapped in a horizontal consolidation in the past three months. As a result, the MATIC token has accumulated significant buyers seeking to capitalize on the confirmed bull cycle.

Polygon Team Reimagines Competitiveness 

During the height of the 2022/2023 crypto winter, when on-chain activity was significantly low, Polygon’s core developers have been working on different infrastructures to enable mass adoption of Ethereum smart contracts. Furthermore, emerging layer-one blockchains like Solana (SOL) and Cardano (ADA) have competed to become the top web3 ecosystem.

In the latest Polygon move geared towards competing with other layer-two chains like Arbitrum (ARB) and Optimism (OP), the Etrog upgrade went live on the zkEVM to bring support for four additional precompiled smart contracts.

MATIC Price Analysis

According to Captain Faibik, a popular crypto analyst on the X platform, MATIC’s price is on the precipice of a 600 percent rally in the near term.

The analyst indicated that MATIC price has formed a macro triangle since the end of the 2021 bull run and has now approached the apex. As a result, the crypto analyst highlighted that the altcoin is on the verge of a massive triangle bullish breakout.