The Polygon Price is higher by 3.5% to $1.4550 this morning and well on track for its third consecutive positive daily close. If the MATIC token keeps up this momentum, it will soon have erased all of last Tuesday’s decline and have its sights set on $1.8000.
Layer-two Ethereum scaling solution Polygon (MATIC) has returned to favour over the last three days. MATIC has climbed over 22% as Solana’s (SOL) blackout solidifies Ethereum’s (ETH) credentials as the go-to platform for developers.
Solana and Cardano (ADA) have been vying for Ethereums crown, and up until recently, had outperformed the number two-ranked crypto. However, following the Alonzo upgrade, ADA has flat-lined, and Solana just suffered an 18-hour outage. As a result, Ethereum is on the rise, taking the Polygon price with it.
MATIC Token Price Forecast
The four-hour chart shows the MATIC token is rising in a strong short-term uptrend. Polygon has climbed from $1.1960 in the last three days to its current $1.4512 and into overhead resistance.
Following last week’s meltdown, the Polygon price has made several attempts to recover but has failed at around $1.4800. Therefore, this should be considered a significant resistance level. Should MATIC punch through this band of resistance, I expect the September high of $1.8000 could be seen very quickly.
However, although the price action is extremely encouraging, Polygon is yet to break out. In saying that, Ethereum is up around 8% this morning and looks like it wants more. This could be the catalyst for Polygon to extend much higher.
Of course, as we saw earlier this month, there is always a chance of a reversal. If MATIC fails to clear resistance, support is sen at the September 12th high of $1.3600. Below that, considerable price support is found at the double bottom between $1.1800 and $1.2000.
Polygon Price Chart (Daily)
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