Price Predictions

Polygon Price Prediction: From $3.003 to $0.345, What’s next for MATIC Price in 2023?

Key Takeaways:

  • The Polygon price has displayed immense strength in recent times as it rises significantly regardless of the bearish market conditions.
  • The MATIC price has displayed an immense bearish action.
  • The token is closer to set off a notable upswing regardless of the probable bearish close for 2022, as the upcoming trades appears to be pretty bullish

Polygon Price History: 2022 Year in Review 

Month MATIC Price % Change
Jan $1.605 -39.49%
Feb $1.456 -8.88%
March $1.684 +21.44%
April $1.140 -30.09%
May $0.657 -52.80%
June $0.495 -18.24%
July $0.9296 +114.54%
August $0.8146 -24.27%
Sept $0.7634 -5.9%
October $0.9037 +32.49%
November $0.839 -16.76%
December $0.7786 -1.75%

This is How Polygon Price Performed in 2022

Source: Tradingview

The year 2022 has been quiet bearish for most of the cryptos along with Polygon (MATIC) price which slumped more than 60%. The bearish volume intensified which was mainly due to the panicked traders who withdrew their funds which caused huge selling pressure on the asset. As a result, the price dropped from a yearly high of above $3 to as low as below $0.3.  Presently, the token is manifesting some strength, but the volatility is expected to increase as the yearly trade approaches its pinnacle. 

After recording huge spikes in volume in frequent intervals which dragged prices lower or slightly higher, the levels have been settled to some extent. Presently, the MATIC price is consolidating within a range displaying the possibility of an accumulation phase before undergoing a larger move, regardless of the direction. Moving ahead, a bearish close appears imminent where-in the token may find new lows in the first few days of 2023 and bounce if supported well by the bulls. 

Polygon Technical Analysis for 2022

Source: Tradingview

  • The MATIC price was manifesting extreme strength, regardless of the current market conditions as it traded within a bullish ascending triangle.
  • The November boost raised the price high, slicing through the resistance, but it resulted in a fake out.
  • The price, presently has dropped heavily due to the fresh market slash that has compelled the price to break down the lower trend line.
  • Despite multiple attempts, the price is failing to regain its position and woefully heading towards the immediate support at $0.722, hence calling for a bearish close for the year.

Read more: MATIC technical analysis

Polygon Price Prediction 2023

Source: Tradingview

To end the 2022 trade, the MATIC price may opt to slash hard to test the lower trend line by plunging below $0.7. A rebound appears imminent but only after marking fresh bottoms in the first few weeks of 2023. After a bearish 2022, the token may consolidate and accumulate gains by maintaining an ascending consolidation and reclaiming the levels above $1 initially. Meanwhile, the bears may hinder the rally at $1.2 to $1.4, but after a brief consolidation, the levels may rise ahead.

During the second half of 2023, the price may maintain an elevated trend aiming to retest the 2022 highs again. But on its way to the highs, the strength of the rally may get weakened due to multiple bearish interferences which may also cause the shift of focus of the bulls to some extent. However, the rally may head towards a bullish close for 2023 and reach levels beyond $2 by the end. 

Polygon Price Prediction 2024

Source: Tradingview

The MATIC price after a bullish 2023 close could rise high and mark new highs in the first few weeks of 2024. However, as expected, the bearish action could intensify which may almost halve the price in the next couple of months. However, after sustaining extreme selling pressure, the MATIC price may rebound slightly and further maintain a consolidated horizontal trend within pre-determined levels until the last quarter of 2024.

As the trade approaches the yearly close, the price which hovered around 1 FIB level is expected to intensify its trend and rise high to reach 1.2 or even 1.4 FIB levels close to $3 by the end of 2024. However, after an extended consolidation, the price is believed to rise high just before the end of the year, to begin the fresh yearly trade on a bullish note. 

Polygon Price Prediction 2025

Source: Tradingview

The Polygon price remains within a decisive symmetrical triangle considering the long-term chart which projects a consolidated trend to prevail for some more time. As the trade approaches the pinnacle, a bullish breakout may lead the price to test new highs. The price may eventually maintain a huge upswing in 2024 which may be continued in 2025 as well where it could also mark new highs.

However, the volume does appear to remain in the favour of the bulls due to which the upswing could be slowed down to some extent. But excessive compression leads to a massive explosion, which could happen in the case of a Polygon. Therefore, in the long run, the MATIC price appears quite bullish marking new highs. 

Year Polygon Price Prediction
2022 $0.84 to $0.88
2023 $1.7 to $2.4
2024 $3.3 to $5.2
2025 $4.8 to $6.1

Overview of Polygon On Chain Analysis:

Polygon Development Activity

Source: Santiment

The development activity displays the future projections of the project which in turn inbuilt confidence over the asset among the market participants. With continued raising development activity, the project is believed to come up with enhanced features and with multiple upgrades. The MATIC price has been varying heavily since the beginning of 2022, but this may rarely impact the development activity which has been elevated. 

Woefully, ever since the beginning of December trade, the development activity has plunged hard marking September lows. The activity marked high marking 104.57 by the end of November, post to which it experienced a gigantic fall to hit the bottom at 26.71. Meanwhile, the descending trend appears to have halted as a minor rebound is witnessed. 

Daily Active Address

Source: Santiment

The daily active address (DAA) is an important indicator which determines the number of active users on the platform over time. The activity may be either a buy or a sell or a swap, as all these are pretty important to keep the platform active which in turn induces significant volatility. In short, it is the number of addresses which contacts the platform to perform any transaction. 

The DAA of MATIC price had surged gigantically during the month of November which faded as the trade approached the end of the month. Further, the December trade also appears to be progressive in terms of bulls activity, but the pace and the intensity are not so high to mark November highs above 9000. Therefore, the levels have been restricted below 5000 at the moment. A slight change in the market sentiments may propel the prices and the DAA very high. 

Supply on Exchanges

Source: Santiment

This is one of the indicators which displays the amount of crypto the exchanges hold. This is important to determine the levels of liquidity available on the exchange, depending on which the buy, sell or swap trades may be accomplished. If the balance rises high, then it can be believed that the exchanges have enough liquidity to carry out any trade, while demand could slash hard. 

 

Presently, the levels have been plunging ever since the beginning of H2 2022 and the dried exchange reserve may eventually create huge demand. In the meantime, if the supply is less, then it may shoot up prices soon. Another factor behind the tokens leaving exchanges could be the constant fallouts of the exchanges which have created huge FUD among the market participants, who now rely more on DEX or hardware wallets. 

Should you Invest in Polygon in 2023?

Polygon price has been manifesting its strength for quite a long time and despite a couple of negative fallouts, it maintained a significant upswing. Regardless of the fact, the MATIC price is heading towards a bearish close, it could be another ‘buying’ opportunity before it displays a giant leap. As mentioned before, the Polygon price is pretty bullish in the long term but before investing, having a deep knowledge of the markets and studying the indicators is imperative. 

Top Crypto News of 2022 that Impacted MATIC Price:

  • The year 2022 began with tensions between the neighbours Russia & Ukraine which took in form of war. This slashed the traditional markets very hard and  crypto market were no exception. 

  • While the markets tried to settle with the above FUD, the most unexpected event of history happen, the collapse of the Terra ecosystem which impacted the entire crypto space and the MATIC price.
  • Further the collapse of the popular exchange FTX also caused a huge drop in the MATIC price which reached the yearly lows below $0.3.

  • Also a couple of positive feeds did happen like collaboration with Starbucks coffee to build their beta phase for the Odyssey program on Polygon. 

 

Share this Story
Load More Related Articles
Load More By CoinDCX
Load More In Price Predictions

Check Also

Pancakeswap Price Prediction 2023: Bulls Appear Poised to Rise the Price Beyond $10

Analyze the current market conditions and potential trends to identify the most likely outcome for the future of Pancakeswap. This crypto is predicted to reach an all-time high of more than $10 by 2023.

GET ALL LATEST UPDATES ON YOUR EMAIL

    Categories

    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download