MATIC price recovery stalled at $0.4150 on Monday, November 18 as it continued to underperform its top peers like Cardano and Solana. It has rallied by just 45% from its lowest point this month as some analysts predict a potential Polygon breakout, with one expecting a 3,050% surge to $12.66.

MATIC Price Prediction: Analyst Sees A Big Surge Ahead

Polygon, one of the earliest names in the layer 2 industry, has underperformed other top cryptocurrencies and remains substantially lower than its record high of $2.91. 

It has also lost market share to other newer and faster-growing layer-2 blockchains like Base, Arbitrum, and Polygon. 

Still, Crypto Town Hall, an X post with over 86,000 followers, noted that the MATIC price had room to rise to $12.66 by 2030. Such a move would represent a 3,050% surge from the current level. 

These big moves are common in the cryptocurrency industry. For example, Mantra, a popular cryptocurrency in the Real World Asset (RWA) tokenization industry, has jumped by over 20,000% this year. 

The main catalyst for the bullish MATIC price prediction is the fact that Polygon still has strong fundamentals as one of the top players in the crypto industry. It will benefit from the recent zkEVM upgrades and partnerships with companies like Magic Labs and Nomura.

Further, Polygon’s adoption is still strong, as evidenced by the success of Polymarket, which predicted the US election results accurately.

Additionally, the analysts pointed to the positive policy change in the Trump administration, which is expected to be more friendly to the crypto industry.

Meanwhile, Polygon price is also reacting to the ongoing accumulation by crypto investors. One whale moved 4 million coins from Binance, a sign that he wanted to hold them for longer. Two more analysts moved coins worth almost $2 million from Coinbase, a leading crypto exchange.

Polygon Price Needs To Flip Key Resistance Levels

This MATIC price prediction shows that it found a bottom at $0.2860 earlier this month and then made a bullish breakout. Before that, Polygon was forming a falling wedge pattern, a popular bullish reversal sign.

It has now soared above the 50-day moving average and the upper side of the wedge, meaning that a breakout has already happened. 

However, it has formed a small double-top pattern at $0.4415. In price action analysis, this is one of the most popular bearish reversal signs. Therefore, more upside will be confirmed if it rallies above the double-top level and the 200-day moving average price at $0.3737. If that happens, it will point to more gains, with the next target being at $0.5820, its highest level on August 25.

A drop below the double-top’s neckline at $0.3533 will point to more downside, with the next target being at $0.2860.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.