Polygon (POL) hit its four-month high today following its 11% daily surge. The cryptocurrency surpassed the $0.60 mark before retracing, sparking a bullish sentiment among investors and market watchers. As a result, a renowned crypto analyst predicted a massive 2,500% rally for POL in the coming months.<\/p>\n
Polygon has seen a remarkable performance over the past three weeks, rising around 107% since the November 5 market pump<\/a>. POL, previously MATIC, has seen its price move from below the $0.30 mark to a four-month high of $0.61.<\/p>\n This performance has been fueled by several factors, which have propelled the token\u2019s price by nearly 40% in the last seven days and could stage \u201cone of the most hated rallies,\u201d as Ali Martinez shared on X<\/a>.<\/p>\n The analyst explained that Polygon has been experiencing an \u201cimportant spike in on-chain metrics\u201d over the last week, which could drive POL\u2019s price to a \u201cwild\u201d price action in the future.<\/p>\n Martinez noted that a lot of investors hold Polygon from the previous cycle, where the project\u2019s token hit its all-time high (ATH) of $2.92. However, most of them record losses since only 15.11% of Polygon holders are in the green.<\/p>\n Per the post, this is a positive sign for POL\u2019s price action, as most of its investors won\u2019t sell for profit at the current price ranges. The analyst added that on-chain<\/a> data suggests a new wave of investors are positioning themselves for the rally\u2019s second leg.<\/p>\n This was signaled by the recent increase in daily active addresses, transaction volume, and whale activity. POL\u2019s daily trading volume has recorded a 190% increase in the last week, jumping from the $250 million mark to $736 million.<\/p>\n Additionally, whales bought over 140 million POL, now worth around nearly $80 million, in the last week and a half, with large-scale purchases significantly increasing since November 5.<\/p>\n Martinez suggested that with the whales\u2019 buying spree and the reduced selling pressure, the POL \u201ctechnicals look very good.\u201d To him, the cryptocurrency is nearing a breakout from a multi-year descending triangle.<\/p>\nPOL To Hit $15 This Cycle?<\/h2>\n