Polygon to $50? MATIC must first fulfill THIS condition

The price of MATIC has changed slightly in the last seven days.
Market indicators suggested that MATIC could make an upward move.

While some cryptocurrencies turned bullish last week, polygon [MATIC] Bulls took a side seat.

However, if MATIC manages to fulfill an important condition, it could see a huge price increase in the coming days, which could allow the company to regain a place in the top 20 list.

Let’s take a look at what MATIC is up to.

Polygon investors face extinction

CoinMarketCaps Data revealed that the price of MATIC has increased marginally over the past seven days. A similar trend was also seen in the 24-hour chart.

At the time of writing, MATIC was trading at $0.4215 and had a market cap of over $4 billion, making it the 21st largest cryptocurrency.

Due to the massive price drop over several months, only 2% of MATIC investors made a profit, according to IntoTheBlock. Data.

This also had a negative impact on Polygon’s social metrics as its weighted sentiment fell into negative territory, indicating that bearish sentiment around the company was increasing.

However, the social volume increased dramatically last week.

Polygon's weighted sentiment has dropped

Source: Santiment

However, Ali, a popular crypto analyst, recently published a tweet This indicated a MATIC bull rally.

If this happens, investors could see the token reach the $50 mark, which could allow it to regain its place in the top 20 list of cryptocurrencies by market capitalization.

However, this bull market would only take place if Polygon manages to close above $0.30 this week.

What you can expect from MATIC

AMBCrypto then took a closer look at the token’s on-chain data to find out what the probability is of the price closing above $0.30. We found that MATIC’s trading volume has been declining over the past week.

A decline in this metric generally indicates that there is a possibility of a change in the current price trend. Another bullish signal was the MVRV ratio, which has been improving over the past seven days.

However, supply on exchanges has increased slightly in recent days, indicating that selling pressure was high.

Source: Santiment

AMBCrypto then checked Polygon’s daily chart to see what the market indicators were suggesting. The MACD technical indicator showed a bullish crossover.

Its Chaikin Money Flow (CMF) also showed an uptrend, suggesting a price increase. However, the Relative Strength Index was at 40 at press time, which was bearish.