Polygon (MATIC) Price Prediction 2023-24: Will MATIC Hit $1 Soon?

Polygon [MATIC] has experienced notable price growth over the past week, rising by 27.37%. MATIC traded at $0.5274 at press time, with a 24-hour trading volume of $730.3 million.

Polygon (MATIC) price showed signs of strength last week, surging by 27.37%. At press time, MATIC was trading at $0.5274, with a 24-hour trading volume of $730.3 million.

This marked an 11.70% increase in the last 24 hours. However, despite this upward momentum, market analysts are advising caution.

According to a market analysis by Ali,

“Polygon has seen a significant surge in recent days, but caution is advised. The TD Sequential on the hourly chart is signaling a potential correction for $MATIC.”

Traders are keeping a close eye on these technical indicators, which suggest the possibility of a pullback after the recent rally.

Data from IntoTheBlock shows that the majority of long-term MATIC holders are currently facing losses.

Specifically, 90.44% of addresses, or 587,240, are “Out of the Money,” indicating that their purchase price is higher than the current value.

Only 5.34% of addresses, accounting for 34,680 addresses, are in profit, while 4.22% of addresses are at break-even.

This suggests that most MATIC holders are experiencing losses at current levels, potentially contributing to selling pressure.

On the other hand, active addresses show a different trend.

The majority of active addresses, 79.75%, or 1,020 addresses, are “In the Money” and currently holding MATIC at a profit.

This contrasts with long-term holders, as active traders have benefited from the recent price increases.

However, 15.58% of active addresses are “Out of the Money,” indicating that some traders could be at risk if a correction occurs.

Meanwhile, the transition from MATIC to POL as the native gas token is set to take place on September 4, 2024.

POL will replace MATIC as the gas token for Polygon PoS, which will be used for powering transactions and securing the network through validator incentives.

The migration will be automated through a smart contract, converting MATIC to POL on a 1:1 basis, allowing users to continue transacting on Polygon seamlessly.

After the upgrade, all transactions on the Polygon PoS network will automatically utilize POL.

The Polygon bridge will support POL, ensuring seamless interoperability between Polygon and Ethereum.

No action is required from MATIC holders as the migration is handled through the contract.

The Polygon network has maintained strong trading activity, with 3.27 million transactions completed over the last 24 hours.

The network saw the addition of 55,169 new addresses during this period, reflecting increased interest in the platform.

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