TL;DR
The cryptocurrency sector seems to have lost some steam in the past 24 hours, with the global crypto market capitalization retracing to approximately $1.72 trillion (per CoinGecko’s data). And while most leading digital assets, including Bitcoin (BTC), have charted minor declines, this is not the case with Polygon (MATIC).
The token’s price has risen by 22% in the last 24 hours, surpassing the $1 mark for the first time since April this year.
In addition, some analysts argue that the recent uptrend could be the beginning of a larger rally that could take MATIC toward new peaks in the near future. One person who supports that assumption is the X (Twitter) user Doctor Profit.
The analyst, who usually focuses on Bitcoin (BTC), described Polygon’s coin as “one of the most undervalued projects” in the entire market, claiming its price below $1 should be considered a “gift” for traders and investors.
“Sooner or later its an easy double digit coin in the incoming bull. One of my favorite coins,” Doctor Profit concluded.
There are numerous factors indicating that the token’s increase might not stop here. According to CryptoQuant, MATIC exchange netflow was in negative territory on December 25 and the following day. Shifting from exchanges toward self-custody is usually considered a positive because it alleviates immediate selling pressure.
In addition, trading volume on Polygon has soared lately. As revealed by DefiLlama, it hit almost $400 million on December 26, standing well above the $150 million mark since the middle of the month.
Numerous experts believe that the upcoming Bitcoin halving (scheduled for the spring of 2024) and the possible approval of a spot BTC ETF in the United States could act as catalysts for the primary digital asset and the industry as a whole.
