Polygon (POL) has lagged behind some of the industry’s top performers. Despite a modest rise in recent days, the altcoin has shown signs of stagnation in comparison to the explosive gains of others like Dogecoin (DOGE) and XRP. However, a top blockchain analyst believes that Polygon is quietly setting the stage for a potential breakout, predicting that it could rally by as much as 8,216% to a staggering $36 per token.

Polygon’s Modest Price Performance: A Slow Start

Over the past week, Polygon has posted a respectable 17.41% increase in its price, reflecting a general positive trend across the broader crypto market. The token’s most recent daily increase of 2.73% is also a positive sign, but it’s far from the massive gains seen by its rivals.

For context, cryptocurrencies like Dogecoin and XRP have surged over 120% in recent months, leaving Polygon behind in terms of price performance. This gap has led some investors and analysts to question whether Polygon can maintain its relevance in a highly competitive altcoin market.

Despite these concerns, Polygon’s performance has not gone unnoticed. Blockchain analyst Ali Martinez, known for his accurate market predictions, suggests that the token may be on the verge of a major turnaround. According to Martinez, a combination of technical indicators and on-chain activity points to a potential “hated rally,” one that could catch many off guard.

Technical Indicators: The Bullish Signs You Need to Know

Martinez’s analysis of Polygon’s price chart reveals several bullish signals that indicate the cryptocurrency is gearing up for an upward surge. These indicators include the following:

1. Descending Triangle Reversal

Polygon’s recent price action shows that it is rebounding from the x-axis of a descending triangle pattern, a key technical level in chart analysis. This pattern is significant because it suggests that the token could soon test its resistance levels again. In technical analysis, a breakout from such a pattern typically signals a strong upward movement.

As the price attempts to push past this critical trendline, it could trigger the start of a more substantial rally. Martinez believes that if Polygon can break through this resistance, it could open the door for further price gains.

2. Stochastic Oscillator Bullish Crossover

Another positive sign Martinez highlights is the stochastic oscillator, a popular momentum indicator. The %K line (blue) has recently crossed above the %D line (orange), a classic signal of increasing buying pressure. When this crossover occurs, it often marks the early stages of a trend reversal—exactly the type of signal that investors look for when considering an asset’s potential for growth.

3. MACD Indicator Showing Signs of Strength

Polygon’s Moving Average Convergence Divergence (MACD) is also nearing a bullish crossover, another key signal of a potential price increase. The MACD line has been steadily approaching the signal line, and when this crossover happens, it typically marks the end of bearish momentum and the start of a positive price trend. Additionally, the histogram bars on the MACD chart are turning less negative, further supporting the theory that the market is shifting in Polygon’s favor.

The Bold Price Prediction: A Potential 8,216% Rally

If these technical indicators hold true, Martinez suggests that Polygon could be headed for a massive rally, possibly reaching $36 per token. This price target would represent an eye-popping 8,216% increase from its current price of $0.4329.

To put this in perspective, such a surge would mark one of the most extraordinary rallies seen in the crypto space, turning even modest investors into substantial profit-makers. While such a bold prediction might sound outlandish, the technical signals combined with rising market interest have given many analysts reason to believe that this type of price movement is not entirely out of reach.

On-Chain Activity: Growing Investor Interest

Beyond the technical charts, Martinez points to a key factor that could further fuel Polygon’s price growth: increasing on-chain activity. According to his recent observations, Polygon has seen a significant uptick in daily active addresses, transaction volume, and whale activity. These metrics are often seen as early indicators of rising market participation, which can drive price increases.

When large investors (whales) begin to show interest in a cryptocurrency, it often signals that more attention is being paid to the asset, which can lead to greater demand and higher prices. The combination of these on-chain signals with the technical indicators mentioned earlier suggests that the momentum surrounding Polygon could continue to build.

What’s Next for Polygon? Price Targets and Potential Breakout Levels

Looking forward, Martinez has set a few more price targets for Polygon based on his chart analysis. First, he suggests that if Polygon can successfully break through its current resistance trendline (which has held the price down since late 2021), the token could quickly reach $0.89—representing a 167% increase from its current level.

Beyond that, Martinez has set an even more ambitious secondary target of $8, which would mark a massive 2,387% increase. Achieving this target would place Polygon among the top performers in the altcoin market and potentially open the door for further growth in the long term.

Conclusion: Is Polygon Ready for a Comeback?

While the cryptocurrency market is known for its volatility and unpredictability, the combination of strong technical indicators and growing market interest makes Polygon a token worth watching in the coming months. If the bullish signals continue to play out as expected, Polygon could indeed be on the cusp of a major price rally, possibly even hitting $36 and beyond.

As with all investments, however, it’s important to proceed with caution. Cryptocurrencies are highly speculative, and while the potential for large gains is significant, so too is the risk. Investors should carefully consider all factors and conduct their own research before making any decisions.