With a breakout rally on the daily chart, Polygon is showing a powerful surge and an impressive series of bullish candles. Will this rally reach $0.80 this month?
As the bullish influence in the crypto market grows, altcoins are heating up for a bull run. For Polygon, the recovery rally coincides with the switch from the MATIC token to the POL token. With a major network upgrade, investors are expecting huge upside potential in Polygon. Will this upgrade spur the bull run to new heights?
Polygon Breakout Mileage Surpasses $0.50
On the daily chart, Polygon shows a falling wedge that has a bearish impact on the price trend. The bearish pattern’s decline explains the 70% decline since March 2024.
However, the underlying bullish sentiment has led to a sideways move around the $0.38 support level. With the bullish resurgence, the double bottom reversal pushes the price towards a breakout rally. Furthermore, the bullish reversal explains the series of eight consecutive bullish candles and the 38.36% price surge.
Polygon token is currently trading at $0.5424 with an intraday gain of 1.94%. Additionally, the falling wedge breakout rally is showing a strong trend reversal and is poised to challenge the previous peak formation at $0.57.
As for technical indicators, the bullish trend momentum is increasing as the VI lines show a positive crossover. In addition, a series of consecutive bullish candles are above the 20-50-day EMA and challenging the 100-day EMA.
Transition from MATIC to POL
The continued price rise is accompanied by the long-awaited transition from MATIC to the POL token on the Polygon network on September 4. In the first phase, POL tokens will replace MATIC tokens as the native gas and staking tokens on the Polygon network with Proof-of-Stake support.
As the scheduled date approaches, the bull run is gaining momentum in MATIC prices. Additionally, Coinbase’s support for the MATIC to POL migration is adding to the market sentiment around Polygon. Coinbase will begin the Polygon migration by changing the ticker from MATIC to POL on August 26.
Will Polygon reach $0.80?
Based on the Fibonacci retest during the correction phase, the bullish trend returning to the psychological $0.50 mark is above the 23.60% level. Polygon is currently moving towards the $0.60 level or 38.20%.
If the bullish momentum continues, the 50% and 61.80% levels at $0.69 and $0.80 are potential upside targets. This gives Polygon token nearly 50% upside potential.
