The Polygon (MATIC) market, a leading Ethereum-based layer two (L2) scaling solution with nearly $1 billion in TVL and over $1.44 billion in stablecoins valuation, has remained trapped in a falling trend YTD. Trading around $0.67 on Friday, MATIC’s price is trending in the fifth month in a bear market outlook. As a result, experts believe the oversold crypto asset could rebound in the coming weeks to revert to losing streaks in the last few months.
Polygon (MATIC) Price Analysis
According to a veteran popular digital asset analyst on Twitter Crypto Tony (@CryptoTony_), the Polygon market is ready to reverse and rebound from current levels. The analyst expects MATIC’s price to rally in the coming weeks toward the supply zone. Notably, Crypto Tony has a Polygon price target of between 90 and 95 cents.
On the daily timeframe, MATIC faces a significant resistance level of around $0.74, where the 50 Moving Average is currently hovering. From a short-term standpoint, MATIC’s price could be forming a bearish pennant flag that could soon yield a further drop toward the support level of around $0.58.
As a utility-based altcoin, Polygon MATIC has been on a macro-rising trend since it began trading. The $6.7 billion network has risen more than 21,000 percent in about four years following huge adoption by institutional investors seeking scalable entrance to the Ethereum network.
