Polygon (MATIC) Hints at a Double Bottom Reversal from Crucial Support Following an Intense Correction Wave. Is the Underlying Demand Sufficient for the Next Distribution Wave to Hit $1?

With the altcoin bull market returning gradually, Polygon is preparing to overcome the bearish influence to restart the bull run. Despite a prevailing downfall for months, the altcoin at crucial support finds a trend reversal opportunity.

Altcoin bull market is gradually returning, and Polygon is preparing to overcome the bearish influence and restart the bull run. Despite a prevailing downfall for months, the altcoin finds a trend reversal opportunity at crucial support.

So, let’s take a look over the Polygon price analysis to find out if this is a worthy buy-the-block-bottom opportunity.

Polygon Attempts Bullish Route from Channel’s Crossroad

Polygon tries to come back after receiving a massive supply inflow since March 2024. The bulls anticipate a double-bottom reversal for a fresh recovery after hitting the $0.38 support.

However, the intense 68% collapse from its 52-week high of $1.29 reveals a massive bearish influence. Furthermore, the intense correction leads to a solid resistance trendline, maintaining a constant supply inflow.

As per the weekly RSI line, the two dips over the 1-week log price chart reveal a bullish divergence at play. This increases the chances of a bullish comeback in Polygon.

Currently, the MATIC price trades at $0.412, and with a 21% comeback, the weekly candle forms a long tail. Thus, with the growing demand at lower levels, Polygon signals a potential trend reversal.

Polygon Signals Bullish Momentum with Surging Network Activity

Recent on-chain indicators in Polygon reveal a bullish trend with a surge in network activity over the past week.

Transfer volume has increased by 8.15% to hit 72 million MATIC. The number of active addresses has also jumped by 24.04% to 2,696, signaling increased user engagement. Additionally, transactions skyrocketed by 63.21% to 3,401. Essentially, the on-chain data reflects a massive uptick in Polygon network activity.

A Bullish Drive Chances for Polygon

Bulls are on overdrive with the growing underlying demand as market and network metrics see an uptick. Hence, the overhead trendline breakout will indicate a buying opportunity’s price action.

As per the Fibonacci levels, the uptrend in MATIC could reach the 23.60% Fibonacci level at $0.616. Optimistically, a broader market push could pump the altcoin to the $1 mark.

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