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Market data suggests Polygon (<a href="https://crypto.news/price/polygon/" rel="">MATIC</a>) may be poised for an impending price resurgence, as its 30-day MVRV (Market Value to Realized Value) ratio flashes an unusual buy signal. 
Wise Advice, a crypto analyst, <a href="https://twitter.com/wiseadvicesumit/status/1777207500607012936" target="_blank" rel="">called</a> attention to this metric, citing data presented by market veteran Ali Martinez. Notably, the MVRV ratio compares an asset’s market value to its realized value in an attempt to assess if the asset’s price is overvalued or undervalued. 
The ratio recently dropped to the negative territory, suggesting that MATIC has slipped to the undervalued zone, and is primed for a rebound. Wise Advice emphasized that the last two times the MVRV ratio dropped to this level, MATIC saw substantial price surges. 
The metric slipped to undervalued territories in August 2023, when Polygon’s price dropped to the $0.5 threshold. Shortly after this descent, the crypto asset attempted a recovery push but faced resistance at the 50-day EMA ($0.648), leading to another slump. 
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However, after reaching a floor of $0.493 in September 2023, MATIC <a href="https://crypto.news/matics-20-climb-signals-a-bullish-turn-for-polygon/" rel="">embarked</a> on a bullish rally, surging to a high of $0.983 on Nov. 14, 2023. Nonetheless, the MVRV ratio dropped again when Polygon fell from the $0.983 high, eventually re-entering the undervalued zone in January this year. 
Expectedly, the decline in the MVRV ratio preceded another impressive price rally from MATIC, with the token breaching the $1 <a href="https://crypto.news/race-to-1-pits-xrp-ada-and-matic/" rel="">threshold</a> on Feb. 18 for the first time in over a month. Polygon extended the upsurge beyond this point, clinching a 12-month high of $1.290 on March 13. 
The latest market-wide retracement triggered a drop from this high, resulting in a subsequent decline in the MVRV ratio. Consequently, the ratio has now hit a low of -12.13, with its seven-day average value sitting at -11.35. 
Citing historical data, Wise Advice expects a rebound in MATIC’s price, which currently hovers at the $0.9 territory. The asset is already showing signs of a recovery as the broader market looks to recoup the recent losses. Since dropping to $0.860 on April 5, Polygon has recorded two consecutive days of gains. 
<figure class="wp-block-image size-large">
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-08-131416-1024x544.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="544" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-08-131416-1024x544.png" alt="MATIC MVRV ratio flashes rare buy signal amid push toward $1 - 19"> 
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 MATIC price – April 8 | Source: Trading View
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MATIC is up 1.75% in the past 24 hours and is trading at $0.928 at the time of writing. The crypto asset would need to breach the crucial resistance levels at the 200-day EMA ($0.965) and the 50-day EMA ($0.984) to record a rally above the $1 price territory. 
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MATIC MVRV ratio flashes rare buy signal amid push toward $1

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