[Will Polygon price surge to $1.30? Multiple supports lay the foundation for a new recovery】
Amid the recent correction in the crypto market, Polygon (MATIC) price has retraced significantly from resistance at $1.28, losing 18% of its market capitalization and currently trading at $1.06. In the face of the overall downward trend of the market, MATIC is at a decisive moment at a key support level. This is an important turning point for investors.
Over the past two months, Polygon has witnessed a steady resurgence driven by an ascending support trendline that has seen the token’s value bounce from $0.69 to yearly highs of $1.29.
However, as the market continues to correct, MATIC price dropped to $1.05, which is close to the aforementioned trendline and the 38.2% Fibonacci retracement level. Well-known crypto trader Ali pointed to the key support area between $1.02 and $1.05, with more than 10,900 addresses holding more than 608 million MATIC.
This data highlights the collective confidence in Polygon's value within this price range, implying a possible stabilizing effect on price declines.
Currently, Polygon price is in a position that hints at a possible bullish reversal that could incentivize buyers to take action, with prices expected to rise by as much as 25%. This advance will attempt to break above the upper resistance of the triangle pattern. The pattern has trended sideways over the past two years and a breakout would signal a significant change in the MATIC trend.
If the market correction continues, MATIC price may test the support trend line at $1.02. If this support fails, a secondary demand zone will emerge at $0.91, with 35,700 addresses holding nearly 394.6 million MATIC, showing the strong conviction of holders at this level.
In a pessimistic scenario, sellers may push the correction further towards the triangle pattern’s lower support trendline at $0.6.