Polygon has successfully overcome long-term resistance, as the weekly timeframe shows. This breakthrough occurred two weeks ago, when the MATIC price crossed the 780-day resistance line, which has been traced since reaching the historical maximum. Currently, the token reaches $1.08, approaching the peaks of December 2023.

Although breaking the long-term trend is a significant achievement, Polygon is still within the long-term horizontal resistance zone.

The weekly Relative Strength Index (RSI) confirms this breakthrough, as the indicator bounced back from the 50 level, indicating a bullish trend.

Bullish signals are also observed on the daily chart. On February 21, MATIC overcame the $0.95 horizontal zone and successfully confirmed it as a support level.

Elliott wave analysis indicates a growth potential, suggesting that the price of Polygon is in the third wave of a five-wave upward movement. It is assumed that if the first and third waves have the same length, then the maximum can reach $ 1.54, which is almost 50% higher than the current price. However, the daily RSI shows some weakness in the form of bearish divergence.

It is possible that MATIC could decline by 10% to the $0.95 support level if the bearish divergence is confirmed. However, this does not rule out a bullish scenario, but rather indicates a temporary drop before the uptrend continues.