Polygon (MATIC) is coming out of consolidation and preparing for launch to reach a new ATH in 2024.

Polygon has been one of the most powerful cryptocurrencies on the market, built on well-established fundamentals. MATIC price saw a huge rally during the 2021 bull market and hit new highs above $3. Unfortunately, the bear market brought the price down to a low of $0.317. Since then, the token has been on a steep upward trend, and if the upcoming weekly close remains strong, a renewed uptrend could push the level above $2.

MATIC price has been trading within a triangle pattern, specifically a bull flag, since December 2022. Additionally, the token shows the potential to break through the highest resistance which could lead to success, confirming the trend. It is believed that this will allow the price to regain lost levels at $1 initially and head towards the higher target later.

Despite general consolidation, MATIC price continues to remain strong. Moreover, the price shows great potential for a strong weekly close that could prove a new uptrend in the first few days of 2024. Weekly RSI levels are struggling to stay above average. The level has formed a double bottom pattern and is testing the neckline, suggesting a breakout is imminent.

Polygon (MATIC) price prediction for 2024 appears to be optimistic as the token is showing extreme strength and is ready to hit new highs. The cryptocurrency bounced back stronger after failing to rise above resistance in its previous attempt. Bullish volume has increased, indicating that the bulls are firmly in control of the rally.

Therefore, the cryptocurrency could see a slight uptick, which could lead to a notable rebound in 2024 and possibly hit new highs above $4-5.