How Long Will it Take Polygon (MATIC) to Reach $100?
Polygon (MATIC) has been among the fastest-growing cryptocurrencies for the past few years. In its early years, Polygon mostly traded below a penny, and at one point, it hit its all-time price low of $0.003 on May 09, 2019.
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MATIC price history
Today, it is hard to imagine that nearly 5 years ago, it was trading below a penny.
Currently trading at around $0.94, or 31,193 percent above the May 09, 2019, price level, it is clear that MATIC has made significant gains in the market within a very short time.
In fact, on December 27, 2021, MATIC was trading as high as $2.92. Unfortunately, 2022 ended up being a very bearish year for cryptocurrencies, which hindered its continued rise.
Last year, MATIC closed the markets trading at $0.97, a 28 percent gain. Last year’s gain was well below the average of the cryptocurrency markets. However, it was a positive step for a cryptocurrency that had lost 70 percent of its value the previous year (2022).
See related crypto forecasts for: AVAX | SHIB | Kusama | Sushi
When will MATIC hit $10?
As we have already established, MATIC has made significant milestones in the past few years, which has been reflected in its continued growth in the markets.
However, what is uncertain right now, as you can tell from our title, is whether there will be a time when MATIC will ever hit $100.
To answer that question, let us start by looking at the possibility of it reaching the $10 price level and what it would take.
Today, trading slightly below a dollar, $0.95 to be exact, and already down by almost 2 percent year-to-date, that path can be described as a significant milestone by many. To some, hitting $10 looks almost impossible for MATIC.
To understand the path MATIC to $10, the weekly chart below can put things into perspective. In the chart, there are three critical price levels that are marked, support level $0.009, which was last hit by MATIC in March 2020.
Then there is another significant price level of $1.56, a resistance level that was hit in February 2023 before MATIC entered a long-term bearish trend.
Finally, there is the $2.92 price level, which is MATIC’s all-time high.
These three price levels offer us a glimpse of MATIC’s past performances and how aggressively it can trade. We can also use these price levels to extrapolate where MATIC’s prices might be headed in the future.
For instance, from March 2020, when MATIC was trading below a penny, to December 27, 2021, when MATIC hit its all-time high, it rose by more than 32,000 percent in less than two years.
The chart also shows that during a bearish trend, MATIC can drop significantly, with 2022 being a clear example of this, after it dropped by 70 percent.
Now, when should we expect MATIC to hit $10? Based purely on past price history, if it continues to perform like last year, with an average gain of 28 percent per annum, then we can expect it to hit $10 in 2034.
However, as we have seen in our price history analysis, MATIC is capable of being aggressive. Using data from January 2020 to date, it shows that MATIC has had an average annual price increase of 188%, which means that, at the same rate, we can expect it to hit $10 in $2027.
Therefore, the analysis shows that we should expect MATIC to hit $10 between 2027 and 2034 when analyzed conservatively. However, if there is a performance like that of 2022 when it rose by more than 14,000 percent in a year, then you can expect MATIC to hit $10 within a week and, at worst, within a month.
MATIC Price Prediction: Path to $100
As we have already established, MATIC is expected to hit $10 between 2027 and 2034 if it continues to trade conservatively.
Using the same conservative analysis, where we use data from January 2020 to date, which shows an average annual price increase of 188 percent, then, traders should expect MATIC to hit the $100 price level in 2029.
Part of the reason why it takes a shorter timeframe to move from $10 to $100 is due to exponential growth as the value becomes bigger.
In a very conservative analysis, where the average annual growth mirrors last year’s price gains, then you should expect MATIC to hit $100 in 2043.
Summary
However, for an outlier year like 2022, where MATIC rose by over 14,000 percent, it is conceivable that $100 could be reached within a few weeks to a month.
Therefore, when speculating about when MATIC will hit $100, it is important to consider that, as long as it continues trading above today’s prices in a year akin to 2022, it could achieve this in a matter of weeks or months. This underscores the immense potential MATIC holds, particularly for long-term traders.
