The question looming over investors is whether MATIC has the potential to achieve a price milestone of $1 by the end of April.
According to Bixley’s analysis, potential price targets post-breakout include $1.2, $5.4, and an ambitious $55.
Polygon’s token, MATIC, experienced a significant downturn, dropping by 55% before showing signs of recovery on April 13. The subsequent price increase of 28% encountered resistance at $0.76, a level that previously served as support. Investors are now questioning whether the April 13 low marks the beginning of a new uptrend for MATIC or if the recovery was merely a response to oversold conditions.
According to IntoTheBlock’s on-chain data, the majority of Polygon addresses, approximately 81.45%, are currently not profitable. Conversely, only 14.3% of addresses bought MATIC at prices lower than its current value. This data suggests a prevailing reluctance among investors to sell at a loss, potentially indicating a bullish sentiment.
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