- IMX might retrace to $3.40, while OP could extend its gains toward $5.
- Buying pressure might validate ARB’s move to $3, and MNT could hit $0.81.
- MATIC bulls might push for a 43% increase, which could send the price to $2.
The optimism about a potential Ethereum (ETH) ETF approval has fueled speculation that Layer 2 tokens could be ready to rally. According to Coin Edition’s assessment of the market, some of the tokens with this potential include Polygon (MATIC), Immutable (IMX), and Optimism (OP). Others include Arbitrum (ARB) and Mantle (MNT).
From the 4-hour MATIC/USD chart, the token had attempted to hit $1.05. However, the resistance at $1.03 ensured that the effort was futile. But bulls have capitalized on the drop to $0.92 by pushing MATIC back to $0.97.
If the price breaks through the $1 psychological level, a massive breakout could be next. Indications from the 4.23 Fibonacci level showed that the token could extend toward $1.40. Should bulls keep up with the buying momentum displayed by the RSI, then a 43% increase could be possible.
But if the buying pressure slows down, MATIC might consolidate between $0.90 and $0.95. Howev…
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