Polygon (MATIC) Spikes 23%, Reaches $1.07: Can it hit $2 Next?

Polygon (MATIC) has rallied 23% in the last 24 hours, breaching the $1 mark for the first time since February 2023. Moreover, the token is up by over 37% in the weekly charts and 43% in the previous month.

Also Read: Polygon New Year Price Prediction: How High Can MATIC Go?

However, the asset’s growth since January 2023 has been lackluster. Since the beginning of this year, Polygon’s (MATIC) price has rallied by only 42.6%. MATIC’s rival Solana (SOL), on the other hand, has rallied by over 1000% in the same time frame. Bitcoin (BTC) has also outperformed MATIC, rising more than 150% since January. Moreover, while other tokens have reached yearly highs, MATIC’s price remains below its February high of $1.53.

Polygon’s (MATIC) recent rally could be due to increasing whale movements. Since mid-December, wallets holding between 1 million and 10 million tokens saw an increase of 55 million MATIC, worth around $44.5 million. These wallets currently collectively have around 930.97 million MATIC.

Will Polygon (MATIC) rally to $2?

According to Changelly, MATIC’s price could dip below $1 in January 2024. According to the platform, MATIC could hit $2 sometime in December 2025, about two years from now.

Also Read: Here is How to Be a Millionaire When Polygon MATIC Hits $2

CoinCodex anticipates MATIC’s price to surge to $1.64 on Dec. 31, 2023, an increase of about 53% from current levels. However, the platform expects MATIC to dip in January, falling to around $1 on Jan. 23, before gaining momentum.

However, if the crypto markets enter a bull run in 2024, Polygon’s (MATIC) price may reclaim its all-time high of $2.92, which it attained in December 2021, almost two years ago. The token is currently down by over 63% from its 2021 peak, and reaching those levels may prove lucrative for investors who buy now.