As Bitcoin fell below $40,000 yesterday, the majority of the altcoin market fell as a result. This includes MATIC, one of the leading altcoins and top performers of 2023. However, according to new projections, the altcoin market is set to rebound, and Polygon MATIC may lead the rally by nearly 600%.
In recent months, altcoins have seen a major breakout. Now, the market is poised to rally once again since the hype around Bitcoin ETFs has calmed. According to a prediction by market watcher Captain Faibik, MATIC may experience an upsurge after a successful ETH/BTC breakout. This rally of nearly 600% could come as soon as within the next few months, according to the predictor.
Also Read: Polygon (MATIC) Could Follow Bullish Trajectory to $1.20
While the potential bull run of Polygon and other altcoins is exciting, it is important to note that there is plenty of competition for Polygon. Competition from other layer two scaling solutions like Arbitrum and Optimism has risen in the last few months. Polygon MATIC currently has a total volume locked of $821 million in Total Value Locked. Furthermore, it is trading at $0.7306, and has seen fair growth in the last 24 hours.
MATIC does appear to be approaching an inflection point, according to analysis by altFINS. The altcoin has had a resistance level of $1.00, but breaching this level could see a bullish trend for Polygon MATIC to resume.
On the other hand, one should also know that failure to breach this level could see MATIC become further bearish. Weakness at $0.75 would pressure prices back towards the $0.60 level and the 200-day moving average near $0.67, according to altFINS.