Ethereum

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when

Polygon

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According to crypto analyst Ali, <a href="https://u.today/polygon-matic-jumps-by-54-in-weeks-heres-likely-reason" rel="noopener noreferrer nofollow">Polygon (MATIC)</a>, the native token of the Polygon network, an Ethereum layer-2 scaling solution, has been consolidating in a multi-year symmetrical triangular pattern.
This chart pattern suggests that the price might be building up for a potential breakout, which might result in a 90% upside move for MATIC.
Ali mentioned in a <a href="https://twitter.com/ali_charts/status/1760453598528315675" rel="noopener noreferrer nofollow">tweet</a> that Polygon was exhibiting promising signs from a long-term perspective. He also stated that the prevailing pattern for Polygon appears to be a multi-year symmetrical triangle.&nbsp;
<blockquote>
 <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Polygon</a> shows promising signs from a long-term perspective. The prevailing pattern appears to be a multi-year symmetrical triangle. If <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MATIC</a> can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73! <a href="https://t.co/qjgn6sN1oV" rel="noopener noreferrer nofollow">pic.twitter.com/qjgn6sN1oV</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1760453598528315675?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a>
</blockquote>
A symmetrical triangle is a chart pattern that forms when the price achieves lower highs and higher lows, resulting in two converging trend lines. The pattern typically represents a period of indecision and uncertainty on the market, with buyers and sellers evenly matched. The pattern is considered neutral until a breakout occurs, which often occurs when the price hits the apex of the triangle or at the point where the trend lines intersect.
According to Ali, if <a href="https://u.today/polygon-matic-achieves-23-million-daily-transactions-in-q3-report-shows" rel="noopener noreferrer nofollow">MATIC</a> can maintain a close above $0.96, it might herald the start of a bull rally, with a potential target of $1.73. If this pattern breakout holds, a rise to $1.73 indicates an 89.56% increase over current levels.
At the time of writing, MATIC was up 5.21% in the last 24 hours to $0.97. The token has likewise gained 7% weekly.
<h2 id="polygon-news">Polygon news</h2>
Polygon recently celebrated <a href="https://polygon.technology/blog/polygon-id-release-6-introducing-the-first-ever-implementation-of-dynamic-credentials" rel="noopener noreferrer nofollow">Polygon ID Release 6</a>, marking another big milestone on Polygon ID's path to becoming the most widely used digital identity solution.
The highlight of this release is the first-ever implementation of Dynamic Credentials, a W3C protocol that allows users to automatically refresh expired credentials from their wallets.
Polygon ID Release 6 also includes numerous significant improvements that increase Polygon ID's on-chain capabilities while also laying the groundwork for addressing key Web3 issues, such as Sybil assaults, among others.

Polygon (MATIC) Could Skyrocket 90% If This Chart Pattern Holds True

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