Investors in MATIC have experienced a rollercoaster ride this year, with the price plummeting from $1.5 to $0.5, causing significant dismay among the crypto community. However, one crypto analyst remains hopeful, anticipating a remarkable turnaround for the altcoin in the form of a substantial 220% surge back to $1.5.
MATIC’s Path to a 220% Rally
The optimistic analysis of MATIC‘s future comes from FieryTrading, a crypto analyst known for their insights. Taking to TradingView, FieryTrading paints a bullish picture for MATIC, envisioning a potential rise to $1.5, which would signify an impressive 220% rally and position MATIC as a leading performer.
FieryTrading acknowledges the challenging year MATIC has endured, characterized by a persistent bearish trend. However, this gloomy trajectory was disrupted when Bitcoin displayed strength, subsequently lifting the entire altcoin market, including MATIC. FieryTrading believes that MATIC has finally broken free from the bearish grip that has plagued it throughout the year.
Differing Opinions Emerge
Nevertheless, not everyone shares FieryTrading’s optimism for the Polygon native token. In the comments section, a dissenting user expressed their skepticism, forecasting further price declines and asserting that MATIC would not reach $1.
When questioned about the basis for their bearish prediction, the user claimed to possess insider information from their involvement in a major project over the past year. According to them, it’s not just MATIC but also Ethereum that may face downward pressure. “You are free to go long with Polygon. Be careful,” the user advised.
MATIC’s Ongoing Struggles
Despite briefly following Bitcoin’s recovery trajectory, MATIC has not exhibited the same resilience as other cryptocurrencies. After reaching $0.661 on Tuesday, MATIC entered a sustained downtrend. This downtrend occurred at a time when many major altcoins continued to see gains, leaving MATIC nursing a 2.88% loss in the past day.
Additionally, the daily trading volume for MATIC decreased by approximately 29% to $426 million on Thursday, suggesting that traders and investors may be adopting a more cautious approach. Consequently, it appears likely that MATIC’s price may continue to decline before any significant upward momentum resumes. However, if FieryTrading’s analysis proves accurate, this downturn may be relatively short-lived.
Despite the recent price recovery, MATIC investors have yet to see a substantial improvement in profitability. According to data from IntoTheBlock, only 11% of MATIC holders are currently in a profitable position, with a significant 87% facing losses. A mere 2% are holding MATIC at the same price at which they acquired it.