MATIC Price Forecast: Polygon explodes to new all-time highs ahead of Coinbase listing

Matic Network, most recently rebranded to Polygon will be listed on Coinbase alongside Skale and Sushi. Coinbase Ventures actually own MATIC tokens from a 2019 investment but stated that it doesn't plan to sell for the foreseeable future. 

MATIC price explores new all-time highs

After the announcement from Coinbase, MATIC price exploded by 60% within 48 hours, reaching a new all-time high of $0.34. Surprisingly, the trading volume of Polygon didn't increase that much compared to the previous month.

MATIC/USD daily chart

Since MATIC is in price discovery mode, we can use the Fibonacci Retracement tool to find out potential new targets on the way up. If the bulls can push MATIC price above the previous high of $0.34, the digital asset could quickly rise towards $0.429 at the 127.2% Fib level and up to $0.475 at the 141.4% level.

MATIC Holders Distribution chart

Additionally, the number of whales holding between 1,000,000 and 10,000,000 coins has increased significantly since January 9 from 74 to 111 currently, adding credence to the bullish outlook. 

MATIC MVRV (30d)

On the other hand, the MVRV(30d) chart is currently at around 60%, which is a danger zone. In the past, every time this indicator passed this zone, MATIC price eventually had a significant correction. The nearest bearish price target is $0.27, which is the 78.6% Fibonacci level.