Polygon Shows Signs of Breakout; Will MATIC Hit $5?

After months of range-bound trading, Polygon (MATIC) has staged a decisive breakout this week, surging over 30% in the last 7 days. The layer-2 scaling solution for Ethereum has seen building momentum, with analysts predicting MATIC could rally toward fresh all-time highs.

Polygon was trading hands around $1.03 at press time, up from local lows below $0.80 last week. The altcoin has rallied after finally breaking out of a long-term triangle consolidation pattern it has been stuck in since September.

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Crypto analyst Captain Faibik noted MATIC is “finally breaking out of the triangle after long consolidation,” calling on “bulls” to “send it to $5.” Meanwhile, popular analyst Lambo Charts pointed to striking similarities with the coin’s previous massive rally in 2021, which saw gains of over 9,400% at its peak.

Will MATIC hit $5?

Analyst Lambo is targeting a 20x increase from current prices, noting upside potential towards $2, $5, $8, and $20 for Polygon MATIC. A rally to $20 would mark new record highs for MATIC, about 19 times above its current trading price.

Polygon’s previous all-time high came in December 2021 at $2.92, right before broader crypto markets turned south. 

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According to predictions from the experts at Changelly, Polygon MATIC is unlikely to hit $5 until 2027. The details show that MATIC will touch $5 in December 2027. However, prices can shift unpredictably depending on market conditions.