Polygon has made a significant upward move today, but its price is still below the annual high of $1.57. In this article, we will look at whether MATIC will be able to reach this maximum by the end of the year.

The price of the Polygon (MATIC) token has overcome the $1 level today and is in the process of breaking the 730-day downward resistance line, which has been traced since reaching a historical maximum.

In December 2021, the MATIC price reached a historic high of $2.90, after which it began to decline along the long-term resistance line. In June, it fell to a low of $0.32.

Then, in February 2023, Polygon attempted a bullish breakout (indicated by a red icon), but it was unsuccessful. This was followed by two more unsuccessful attempts in November and December. However, this week the bulls finally succeeded.

Today, MATIC peaked at $1.07, which is the highest level since April. However, it should be noted that the token has not yet closed the week above this resistance line.

On the weekly chart, the RSI momentum indicator is rising and is above 50, which is considered a sign of a bullish trend. This indicates that bulls are still dominating the market.

Several analysts and traders on the X platform expressed optimism about MATIC's prospects. For example, Pentosh1 believes that the upward movement will continue, given the price rebound from the long-term support area.

Cryptomist also predicts a bullish breakout from the triangle with a target of $1.30.

Open4Profit mentioned the breakout of the bullish "cup with handle" pattern and suggests that this could lead to new highs in price.

The daily chart shows a bullish signal, and within the framework of Elliott wave analysis, the most likely scenario is the completion of the fifth and last wave of the upward movement. The first target for this wave is $1.20, which is 13% higher than the current price. The second target is at $1.50, which is 40% higher than the current price and is calculated as the full length of the first and third waves combined.

Thus, based on the analysis and opinion of analysts, MATIC has the potential to continue its growth and reach higher price levels by the end of the year.