Polygon (MATIC) Soars 23% to $1.07: Is $2 Within Reach?

• Polygon's Impressive Performance
• Polygon's Growth and Comparative Performance
• The Influence of Whale Movements
• Polygon's Future Prospects
• Will Polygon (MATIC) reach $2?
• Reclaiming All-Time High

Polygon's Impressive Performance

Polygon$0.967 -3.65% (MATIC) exhibits a significant rally of 23% in just 24 hours, piercing the $1 barrier for the first time since February 2023. Indeed, over the last week and the previous month, the token has surged by more than 37% and 43% respectively.

Polygon's Growth and Comparative Performance

Nevertheless, since January 2023, the growth of the asset appears to be somewhat slow. The price of Polygon (MATIC) has only rallied by 42.6% since the start of this year. In contrast, MATIC's competitor, Solana$104 5.03% (SOL), has seen a remarkable rally of over 1000% in the same period. Bitcoin$42,260 -0.64% (BTC) has also performed well, with a rise of more than 150% since January. While other tokens have hit their annual highs, MATIC's price still remains lower than its February peak of $1.53.

The Influence of Whale Movements

The recent rally of Polygon (MATIC) could be driven by increased whale activity. Since the middle of December, wallets holding between 1 million and 10 million tokens saw a boost of 55 million MATIC, equivalent to about $44.5 million. These wallets now collectively hold approximately 930.97 million MATIC.

Polygon's Future Prospects

Will Polygon (MATIC) reach $2?

As per Changelly, MATIC's price might dip below $1 in January 2024. However, they predict that MATIC could touch $2 sometime in December 2025, roughly two years from now. CoinCodex expects MATIC's price to soar to $1.64 on Dec. 31, 2023, a rise of about 53% from its current price. However, they predict a dip for MATIC in January, with the price falling to around $1 on Jan. 23, before regaining momentum.

Reclaiming All-Time High

If the crypto markets witness a bull run in 2024, Polygon's (MATIC) price could reclaim its all-time high of $2.92, achieved in December 2021, nearly two years ago. The token is currently down by over 63% from its 2021 peak, and reaching those levels could be profitable for investors who decide to invest at the current price levels.

Edited by Jonathan Stoker