The post POL or Polygon (MATIC) Price Replicating the 2021 Cycle—Here’s When the POL Price May Hit $8 appeared first on Coinpedia Fintech News
The markets are heading towards the end of the month, which was supposed to be the start of a bullish trend. However, the markets appear to have remained largely consolidated, which is believed to change the 4-year cycle pattern of the markets. With this, the POL price is close to replicating the previous run, which may lead the rally towards new highs.
POL, previously known as Polygon (MATIC), grabbed huge attention in 2021 following a rally of over 16,000% in 2021 and 500% in 2020. Since then, the bulls have failed to defend the immediate support levels, causing the price to discover new lows following a fresh bearish event. However, the price appears to be forming a similar pattern that it formed just before the 2021 bull run and hence the possibility of a new ATH now becomes viable.
A popular analyst, ALI, refers to the weekly chart and suggests the price does carry a downside risk of 15% but the upside potential is pretty massive. The analyst sets the first target at $0.89 for a gain of 167% but places the second target is around $8 for a straight 2,387% gain. With this, the price is expected to remain elevated through out 2025, after it breaks above the consolidation somewhere in the first half.
The breakout may further lead to an over 2000% rise in the value, forming new highs at around $8 that may even extend to a double-digit figure as well. In other words, the POL price replicates the previous pattern of forming a decisive symmetrical triangle and consolidating along the lower support before the breakout. Therefore, the next few days can be crucial, as a breach of the lower support could invalidate the bullish narrative.