The price of Polygon (MATIC) has seen repeated price declines in recent months, which has led to it falling to levels not seen since June 2022. This price crash resulted in an 86.27% decline from its all-time high price of $2.92 recorded in 2021. However, positivity is slowly starting to grow among Polygon investors who have been struggling with losses for the better part of the year, especially since one cryptocurrency analyst predicted a revival for the altcoin.

Polygon on the road to rebirth

CobraVanguard cryptocurrency analyst has he pointed out a bullish formation on the Polygon (MATIC) chart that could send the price higher. This formation, known as an ascending triangle pattern, came at a time when investors had seemingly lost hope in the altcoin.

According to a chart shared on TradingView, the ascending triangle began in August. The formation was first raised when price fell along with the cryptocurrency market at the end of the bearish month of August. This formation continued into September when prices began to recover again.

Not only has a bullish ascending triangle formed on the polygon chart, the crypto analyst points out that it is happening inside an expanding wedge pattern. This is essential because the expanding wedge pattern is equally bullish for the altcoin price. Naturally, when the polygon price starts recovering inside the expanding wedge, it is expected to reach the top of the pattern.

The first target of this bullish rally is $0.4671, which is about 15% upside from this point. The next target is $0.5442. Finally, once Polygon price fully fills the Broadening Wedge, the crypto analyst expects the price to reach $0.6821.

A breakout from here would no doubt be a welcome development for Polygon investors, 95% of whom are currently losing money. According to data from IntoTheBlock, only 3% of wallets holding MATIC tokens are in the black, while 2% are at breakeven. This makes it one of the worst altcoins in terms of profitability this year.

MATIC becomes POL

Earlier this month, on September 4, the Polygon network team conducted a successful migration that converted MATIC tokens to POL. POL is supposedly a “hyper-productive token” that is meant to assist grow the Polygon network.

Despite the wait that followed the migrationThe POL token (formerly MATIC) did not see any positive movement. The price only increased by about 5% from the price of $0.38 at the time of migration, which shows that the migration had little impact on the price.

However, expectations for the altcoin remain high as investors expect the fact that the POL token has now become an altcoin with a completely recent chart and without a long price history to be one of the factors driving its next bounce.

Featured image created with Dall.E, chart from Tradingview.com