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MATIC Price Prediction: Can Polygon Rip Higher To $1.15

MATIC price is up over 5% and it tested the $0.950 resistance. Polygon bulls are in full control, and they might aim for more upsides above $1.00.

  • MATIC price started a fresh increase above the $0.920 resistance against the US dollar.
  • The price is trading above $0.925 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to move up if it clears the $0.9720 resistance.

Polygon Price Starts Fresh Increase

After forming a base above the $0.8620 level, Polygon’s price started a fresh increase. MATIC cleared many hurdles near $0.880 and $0.8950 to move into a positive zone, like Bitcoin and Ethereum.

There was also a move above the $0.90 resistance and the 100 simple moving average (4 hours). The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low.

Besides, there was a break above a key bearish trend line with resistance at $0.9150 on the 4-hour chart of the MATIC/USD pair. MATIC is trading above $0.9250 and the 100 simple moving average (4 hours).

Immediate resistance is near the $0.960 zone. The first major resistance is near the $0.9720 level or the 50% Fib retracement level of the downward move from the $1.0854 swing high to the $0.8612 low. If there is an upside break above the $0.9720 resistance level, the price could continue to rise.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

The next major resistance is near $1.00. A clear move above the $1.00 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $1.100 level or $1.150.

Are Dips Limited in MATIC?

If MATIC’s price fails to rise above the $0.9720 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.915 level and the same trend line.

The main support is near the $0.880 level. A downside break below the $0.880 level could open the doors for a fresh decline toward $0.8620. The next major support is near the $0.8250 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.9150 and $0.880.

Major Resistance Levels – $0.9720, $1.00, and $1.15.

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MATIC Price Slumps 10% Amidst Market Downturn – Here Are Key Levels To Watch

MATIC, the native token of the Polygon network, has witnessed a significant decline in its value. It has fallen by more than 10% in the past week and 8% in less than 24 hours as the general cryptocurrency market continues to grapple with a cloud of negative sentiment.

Fortunately, the latest on-chain analysis has revealed the important levels that investors should look out for following the latest decline in the MATIC price.

Over 10,900 Addresses Bought 600 Million Polygon Tokens At This Price

According to a recent post on X by crypto pundit Ali Martinez, the price of MATIC has established a key support around its current price point. This evaluation is based on analytics firm IntoTheBlock’s on-chain data, which tracks the average acquisition price for any given wallet address.

MATIC

 

Above is the chart highlighted by Martinez that shows the distribution of the Polygon token supply across various price ranges. The size of the dots in the chart represents the magnitude of coins purchased around the corresponding price range.

Most notably, over 10,900 wallet addresses bought a whopping 608 million MATIC around the $1.02 and $1.05 zone. According to the crypto analyst, this massive buying activity has supported the establishment of crucial support around this price region.

While the large size of the dot reflects the strength of this particular level, sustained bearish pressure could cause the price of MATIC to breach and fall beneath this support. In this case, investors could see the cryptocurrency drop to around $0.91.

This makes the $0.89 and $0.92 price range another level to watch, as it represents the next vital support area, where 35,680 wallet addresses purchased nearly 400 million Polygon tokens.

MATIC Price Overview

As of this writing, the price of MATIC stands at $1.04, reflecting an 8% decline in the past 24 hours. This price dip comes after the altcoin printed a multi-month high of $1.28 on Thursday, March 14.

According to data from CoinGecko, the Polygon coin has suffered a 9.7% price slump in the last seven days. From a broader perspective, though, the cryptocurrency has had a fairly positive performance in the past month.

With a market capitalization of more than $9.7 billion, the MATIC token ranks as the 18th-largest cryptocurrency in the sector.

MATIC

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The Polygon Vesting Contract Is Officially Empty, Will This Send MATIC Price To $3?

Like many other crypto projects, the native token of the Polygon network, MATIC, was launched with some portion of the supply vested for the team over a period of time. In the case of Polygon, the vesting was for five years, and since 2019, there have been periodic token unlocks. However, the unlocks, which have often been a deterrent for investors, are now over, as the last batch was just released to the team.

Polygon Last Unlock Goes To Team

On Wednesday, February 21, the Polygon Foundation received the very last portion of their vested tokens from the vesting contract. In total, 273,304,816 million MATIC tokens valued at $260 million were released to the Foundation’s wallet.

This unlock marks the very last unlock that the Foundation will receive, meaning that almost all of the available supply of MATIC is now in circulation. The latest unclog brings the circulating supply of the cryptocurrency to 9,618,318,574 out of its 10,000,000,000 maximum supply. As a result of this, the market cap of Polygon is sitting just above $9.14 billion with a fully diluted valuation (FDV) of approximately $5 billion.

The entirety of the MATIC supply has been unlocked, which means that there will be no more tokens being brought into circulation. This is a huge milestone for the project, whose investors have waited years for the vested tokens to finally run out.

MATIC price chart from Tradingview.com (Polygon)

How Will This Affect The MATIC Price?

The fact that the entirety of the MATIC supply is now in circulation is bullish for the digital asset, especially in the long term. Inflation is a factor that tends to drive investors away and keep them from holding their coins due to the fear of more tokens coming into circulation, causing supply to exceed demand.

Now that the entirety of the supply is now in circulation, it gives the MATIC price a chance to enter into price discovery. However, there is still some concern about when the Polygon Foundation might start selling their coins as the entirety of the unlocked tokens still sit in the Foundation’s wallet.

If they do decide to sell, though, it is likely that the foundation would do so through OTC (over-the-counter) deals to minimize the impact of such a sale on the token price. As a result, the MATIC price might not suffer much.

At the time of writing, the MATIC token is trading at $0.95 with a 24-hour increase of 1.11%. Although its performance has been far from encouraging, the token is sitting only 67% below its 2021 all-time high of $2.92.

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MATIC Price Prediction: Polygon Rallies To $1 and Bulls Are Not Done Yet

MATIC price is up over 10% and it tested the $1.00 resistance. Polygon bulls are in full control, and they might aim for more upsides above $1.00.

  • MATIC price started a fresh increase above the $0.850 resistance against the US dollar.
  • The price is trading above $0.95 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $0.958 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to move up if it clears the $1.00 resistance.

Polygon Price Starts Fresh Surge

After forming a base above the $0.80 level, Polygon’s price started a fresh increase. MATIC cleared many hurdles near $0.880 and $0.900 to move into a positive zone, like Bitcoin and Ethereum.

There was also a move above the $0.92 resistance and the 100 simple moving average (4 hours). Finally, it tested the $1.00 resistance. A multi-week high is formed near $1.000 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.8185 swing low to the $1.00 high.

MATIC is trading above $0.950 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.958 on the 4-hour chart of the MATIC/USD pair.

Immediate resistance is near the $0.995 zone. The first major resistance is near the $1.00 level. If there is an upside break above the $1.00 resistance level, the price could continue to rise.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

The next major resistance is near $1.08. A clear move above the $1.08 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $1.120 level or $1.150.

Are Dips Limited in MATIC?

If MATIC’s price fails to rise above the $1.00 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.955 level and the trend line.

The main support is near the $0.900 level or the 50% Fib retracement level of the upward move from the $0.8185 swing low to the $1.00 high. A downside break below the $0.900 level could open the doors for a fresh decline toward $0.850. The next major support is near the $0.800 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.955 and $0.900.

Major Resistance Levels – $1.00, $1.08, and $1.12.

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If ZK Is The ‘End Game,’ Is Polygon (MATIC) Ready For $3?

With zero knowledge (ZK) proofs expected to be a game changer for blockchain scaling, Polygon may be on the brink of a major rally. Taking to X on February 2, crypto market commentator Polynya, asserts that ZK technology is the “endgame” as its “1,000x efficiency upside is irresistible for networks.”

Will “ZK” Technology Be The “End Game”?

This forecast on ZK adoption is massive for Polygon and its native token, MATIC, which has been under significant selling pressure in the past few trading months. As it is, Polygon Labs, the developer of the Ethereum sidechain, has been at the forefront, advocating for the development of ZK scaling solutions.

In 2021, Polygon began assembling a team to develop zkEVM, a technique relying on zero knowledge to scale Ethereum cheaply while being compatible with the EVM. Recent Polygon Labs documentation shows that their zkEVM is in beta and being tested.

However, this hasn’t stopped the team from striking deals with layer-1 protocols interested in harnessing this technology.

In mid-January, NEAR Protocol’s Data Availability (DA) solution was integrated with Polygon’s custom blockchain development kit (CDK). The goal was to make it easier for developers to create ZK rollup solutions suitable for their needs while leveraging NEAR Protocol‘s infrastructure. All this is when ensuring the integration lowers cost and improves performance.

Polygon Labs has also partnered with other platforms, including Immutable–a layer-2 web3 solution for NFTs; Ankr–an infrastructure provider; and QuickSwap–a decentralized exchange (DEX). Most of these platforms plan to operate as layer-2s for Ethereum. 

The total value locked (TVL) in layer-2 protocols remains in an uptrend, according to L2Beat. These platforms command over $21 billion. So far, the largest layer-2 protocols, Arbitrum, Optimism, and Base, use Optimistic Rollups. 

Layer-2 TVL | Source: L2Beat

Is Polygon (MATIC) Ready For $3?

This is a bullish development for Polygon. Moreover, at this pace, it is likely to cement Ethereum, the pioneer layer-1 and smart contract platform, as a dominant settlement layer despite on-chain scaling concerns and relatively high fees.

From a price point perspective, MATIC will likely benefit as more platforms adopt Polygon’s zkEVM solutions. So far, MATIC is stable but firm when writing on February 2. From the daily chart, MATIC has support at around $0.70. On the upper end, the immediate resistance level is at $1. 

Polygon price moving sideways on the daily chart | Source: MATICUSDT on Binance, TradingView

Spurred by partnerships as more platforms use zkEVM, fundamental developments might drive MATIC even higher in the coming sessions. If MATIC finds momentum, the medium- to long-term target will be $3, or a 2021 high.

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Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1?

Layer-2 network Polygon is reported to have competed with Ethereum in 2023, as both networks saw the most influx of new users. This development has once again raised concerns about MATIC’s price, considering that such an achievement should potentially mean that new money moved into the ecosystem last year. 

Polygon and Ethereum Acquired The Most Users In 2023

According to a report by Blockchain analytics firm Flipside, Polygon and Ethereum led the pack with 30.6 million acquired users in 2023. Giving a further breakdown, Polygon is said to have acquired 15,24 million users, while Ethereum attracted 15.4 million users. Meanwhile, these users are defined as persons who performed at least two transactions on the networks. 

Despite falling about 160,000 short of Ethereum’s numbers, Polygon’s numbers are still impressive, considering that it ranked ahead of other networks like Bitcoin and Solana. The layer-2 network also outperformed other Ethereum L2 networks like Arbitrum, Optimism, and Base, which recorded 7.3 million, 3.3 million, and 1.9 million acquired users, respectively. 

Notably, Polygon hit the ground running as soon as 2023 began, setting the record for monthly acquired users with 2 million in January. Interestingly, January 2023 was the first time MATIC rose above $1 in a very long while. It held above that level until the end of April 2023. After that, MATIC traded below that level for most of the year, only rising above $1 towards the end of December 2023. 

MATIC price chart from Tradingview.com (Polygon)

Why Has MATIC Failed To Rise And Hold Above $1

A recent analysis by Blockchain intelligence firm ChainArgos suggested that the Polygon team has been secretly selling off MATIC tokens, something which could have accounted for the significant sell pressures that have risen at different times for the crypto token. This could also serve as a plausible explanation for why MATIC has struggled to hold above $1 despite enjoying great utility. 

The Polygon team was accused of not executing its token allocations in line with the publicly stated plan, with part of the allocated funds accounting for some of the tokens that were sold. These secret sales, which have for long gone under the radar, are said to be circumvented through wallets linked to the crypto exchange Binance. 

So far, about 767 million MATIC have apparently been offloaded in these secret transactions. ChainArgos hinted at how these transactions have no doubt affected MATIC’s price on different occasions, as they noted that the outflows are a “good indicator for an upcoming top and subsequent move lower.”

At the time of writing, MATIC is trading at around $0.73, up in the last 24 hours, according to data from CoinMarketCap. 

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How To Buy, Sell, And Trade Tokens on The Polygon Network

Polygon (formerly Matic Network) is a game-changing Layer 2 scaling solution that addresses Ethereum’s scalability challenges. It empowers developers to create and deploy scalable, interoperable decentralized applications (dApps) by utilizing sidechains, plasma chains, and innovative scaling techniques. 

If you’re unfamiliar, sidechains are unique blockchains that are bound to the main Ethereum blockchain and are effective in supporting many Decentralized Finance (DeFi) protocols available on the Ethereum network. This enables rapid transaction speed and cost-effectiveness while maintaining the security and decentralization of the Ethereum network.

As a Layer 2 solution, Polygon operates in parallel to the Ethereum blockchain. Rather than individually validating each transaction, batches of transactions are sent to the Ethereum blockchain, significantly accelerating the validation process and reducing fees.

Polygon implements a proof-of-stake consensus mechanism wherein users can stake tokens for a predetermined duration to validate transactions. In return for their staking activities, participants are rewarded with MATIC tokens.

To ensure robust security, Polygon implements the advanced technique of “commit-chain” or “checkpointing.” It securely anchors the state of Polygon chains onto the Ethereum mainnet at regular intervals, enhancing data integrity and leveraging Ethereum’s inherent security. By capitalizing on Ethereum’s proven security measures, Polygon provides users with a reliable and resilient platform for their transactions and dApps.

The Polygon Network offers a comprehensive set of features that address scalability, security, and developer-friendliness. In this article, we will delve into the key attributes of the Polygon network and assess its substantial potential within the Ethereum ecosystem.

Features Of The Polygon Network

Cross-Chain Connectivity

Polygon network offers bridges that enable smooth transfers of assets and data across diverse blockchains. This fosters interoperability between chains, empowering users to leverage the advantages of multiple blockchain networks and access a broader array of decentralized finance (DeFi) protocols and applications. 

Polygon presents a Layer 2 scaling solution for Ethereum by leveraging sidechains to address scalability challenges. This solution facilitates quicker and more economical transactions, alleviating congestion and mitigating high fees on the Ethereum network

Ethereum Compatibility

Polygon seamlessly integrates with the Ethereum Virtual Machine (EVM), enabling developers to effortlessly migrate their existing Ethereum decentralized applications (dApps) to the Polygon network. This compatibility guarantees a seamless transition and adoption of Polygon while leveraging the extensive Ethereum ecosystem and developer tools.

Commit-Chain Checkpointing 

Polygon employs commit-chain checkpointing, securing the state of its chains by anchoring them onto the Ethereum mainnet. This approach guarantees the integrity of data, harnesses Ethereum’s robust security measures, and safeguards against any unauthorized alterations or tampering of the sidechain data.

Ethereum Network Security 

Leveraging Ethereum as its anchor chain, Polygon leverages the inherent security and decentralization of the Ethereum network. This integration fortifies the overall security of the Polygon ecosystem, ensuring users have access to a reliable and resilient platform for transactions and decentralized applications (dApps).

Developer-Centric Environment

Polygon provides an array of developer tools and infrastructure that empower developers to create and deploy decentralized applications (dApps) seamlessly. The Polygon Software Development Kit (SDK) offers a streamlined framework for building scalable applications on the network, simplifying the development process. 

Polygon also prioritizes the needs of developers by offering extensive documentation, guides, and resources. This ensures that developers have access to the necessary information and support to comprehend and harness the platform effectively. The availability of comprehensive resources fosters a vibrant developer community, encouraging collaboration and driving innovation on the network.

MATIC Token Utility And Exchange Availability

Polygon’s rebranding decision resulted in the retention of MATIC as its token ticker symbol. MATIC, an ERC-20 token, ensures compatibility with numerous Ethereum projects. Within the Polygon network, users rely on MATIC to secure and govern the network and cover transaction fees.

The MATIC token serves multiple purposes within Polygon’s ecosystem. Users can utilize MATIC for fee payments during transactions on the Polygon platform. MATIC can also be staked to contribute to the network’s security and earn rewards. 

Furthermore, MATIC holders have the ability to engage in governance activities by voting on proposed modifications, influencing the evolution of the network.

In terms of exchange availability, MATIC can be traded on various platforms, including prominent exchanges like UniSwap. This wide accessibility on exchanges enhances liquidity and provides individuals with convenient access to acquire or trade MATIC tokens.

How To Get Started On The Polygon (MATIC) Network

To engage in token transactions on the Polygon network, users must acquire a MetaMask wallet. MetaMask, a widely used browser extension wallet, provides a seamless interface for interacting with blockchain networks, including Ethereum. This user-friendly wallet is accessible as a browser extension for popular browsers like Google Chrome.

To ensure your MetaMask Wallet is added to your browser as an extension, click on the ‘Add to Chrome’ icon located at the top right corner, as depicted below:

Metamask

After installation and setup, MetaMask enables users to effectively manage their cryptocurrency wallets, seamlessly interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks, all directly from within their web browsers. 

Remember to diligently write down your seed phrase on a physical sheet of paper and store it in a secure location. Avoid storing it online or on any electronic device to ensure maximum security.

For the next step, add the Polygon (MATIC) network to your Metamask wallet by following the instructions provided on the Metamask website here.

Trading On The Polygon (MATIC) Network

In order to execute trades on the Polygon (MATIC) network, you will need to fund your wallet with MATIC so as to enable you to cover gas fees. These fees cover the expense associated with utilizing computational resources related to transaction processing and validation.

To purchase MATIC tokens, you can utilize centralized exchanges like Binance. Simply copy your wallet address from MetaMask and proceed to transfer MATIC tokens from your Binance account to your MetaMask wallet. 

In addition, it is possible to acquire MATIC directly within the MetaMask wallet by utilizing conventional payment methods such as credit or debit cards and other similar options.  

Simply click on the “Buy/Sell” button within the MetaMask interface to access the designated section. Within this interface, you can specify the desired amount of MATIC (or any other token) you wish to purchase in terms of US dollars. Additionally, you can select your preferred payment method before finalizing the transaction by clicking on the “Buy” button. 

It’s imperative for users to be aware that when purchasing cryptocurrencies directly within MetaMask, you will be required to provide information such as your country and state. However, rest assured that this process is simple and can be completed within a minute.

Buy MATIC Metamask

You can expect your MATIC tokens to arrive in your wallet within a few minutes at most. Once they have arrived, you are ready to start trading tokens on the Polygon network. To begin your trading journey, navigate to UniSwap and commence your trading activities.

How To Trade Tokens On The Polygon Network Using UniSwap

Uniswap is an Ethereum blockchain-based decentralized exchange (DEX) protocol that enables users to trade Ethereum-based tokens from their wallets directly, eliminating the necessity for intermediaries or conventional order books. Uniswap provides users with a hassle-free method to purchase and sell various tokens.

To safeguard your wallet against fraudulent activity, ensure that you are accessing the legitimate Uniswap website. 

Begin by clicking on the “Launch App” button located in the top right corner, as depicted in the image below:

Polygon Network

Next, proceed by selecting the “connect” option located at the top right corner of the UniSwap interface, as depicted in the provided image below:

Uniswap

Establish a connection with your preferred wallet, as shown in the image below. In this instance, the suggested wallet is Metamask:

Uniswap buy MATIC

After establishing the connection, adjust your Metamask settings to the Polygon (MATIC) network. (If you are already connected to the Polygon network, there is no need to make any network switches).

Polygon trading

Once you have successfully connected MetaMask to the Polygon network, navigate to UniSwap to begin trading on the Polygon network through the platform.

Moving forward, you need to choose your desired tokens within the UniSwap interface. As Uniswap operates on a token-to-token trading model, click on the “Select Token” button to designate the specific trading pair you wish to trade against.

To illustrate, if you intend to purchase USDT using MATIC, simply choose the MATIC – USDT trading pair, specify the desired amount, and click on “Swap” or “Trade Now.” Confirm the transaction in your Metamask wallet, and you will be able to view the tokens in your wallet’s asset list.

Trading tokens

Buying And Selling Tokens With Metamask

Metamask extension wallet, connected to the Polygon network, allows users to buy and sell tokens seamlessly. To proceed, ensure that you are connected to the Polygon network and possess MATIC tokens for swapping and covering gas fees.

Then, locate the “Swap” button, as illustrated below. Clicking on it will direct you to the Swap interface within the Metamask wallet.

Metamask Swap

Using the image above as a guide, users can search for tokens by name or contract address, just like on UniSwap. Enter the amount of MATIC you want to swap, make sure you have the correct token, and click on “Swap”. Once the transaction is confirmed, the tokens you bought will be sent to your wallet.

Tracking Token Prices on The Polygon  Network

Polygon network users can equip themselves with potential on-chain tools like Dexscreener, which opens up a world of new opportunities for traders. Dexscreener provides users with extensive market insights for specific tokens, ranging from real-time price data to in-depth contract information. It also helps users make well-informed trading decisions based on reliable and up-to-date data.

Stay ahead of the curve on the Polygon network with Dexscreener, keeping track of token metrics and market dynamics. 

Polygon Dexscreener

Dexscreener on the Polygon network offers invaluable features tailored to users. One standout feature is its charting functionality, which provides real-time and historical price data for various tokens.

By utilizing these charts, users can gain valuable insights into price trends, trading volumes, and other important metrics.

Check below for a visual representation:

Dexscreener charts

Conclusion

The Polygon network provides a robust and user-friendly environment for traders to thrive. With its innovative features, growing ecosystem, and commitment to scalability, Polygon is poised to play a pivotal role in shaping the future of decentralized finance.

As Polygon continues to experience growth and wider adoption, we anticipate a broader selection of applications and services tailored to meet the diverse requirements of traders. The network’s dedication to scalability, interoperability, and user satisfaction establishes it as a frontrunner in the ever-evolving blockchain industry.

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Polygon’s Transfer Troubles: Is MATIC Facing A Trust Crisis?

Recently, the blockchain intelligence firm ChainArgos brought to light some unsettling findings about the Polygon network. According to ChainArgos, suspicious transaction patterns have emerged, raising questions about Polygon’s adherence to its initial token allocation plan.

ChainArgos’ investigation revealed multiple transactions from Polygon’s network to various exchanges seemed “questionable.” Particularly, the firm pointed out “anomalies” in the flow of tokens from Polygon’s vesting contract, which is responsible for the systematic release of tokens.

This contract, distinct from the foundation contract that governs overall allocations, displayed inconsistencies in outflow patterns. The firm’s latest analysis, detailed in a series of posts on X, scrutinizes the movement of significant quantities of MATIC tokens, Polygon’s native cryptocurrency.

Concerns Over Large MATIC Transfers

The investigative reports from ChainArgos delved deeper into the token flows. The firm noted that a specific wallet received approximately 470 million MATIC from two sources – the foundation and an insider wallet, particularly 340 million and 170 million, respectively.

The largest transfer identified was linked to a wallet associated with the plasma bridge, including two additional transactions to untagged wallets.

Adding to the intrigue, ChainArgos observed that a sum of 178 million MATIC was transferred to the prominent exchange Binance, with the last transaction dated May 23, 2021. These findings were substantiated by a chart from Etherscan, illustrating the token movements.

In the wake of these revelations, Polygon’s native token, MATIC, has experienced significant market turbulence. Over the past week, the cryptocurrency decreased by exceeding 10%, with a 4.2% drop in just the past 24 hours.

Polygon (MATIC) price chart on TradingView

MATIC is valued at $0.81 at the time of writing, marking a mere 2.5% increase over the past month. This bearish performance contrasts sharply with the broader altcoin market, which has generally shown substantial gains during the same period.

The declining market position of MATIC is reflected in its slide to the 16th rank among cryptocurrencies by market capitalization. Furthermore, its trading volume has plummeted from over $1 billion last Thursday to a mere $493 million, indicating a significant reduction in trading activity.

Analysts’ Take On MATIC’s Future

Despite these challenges, some analysts remain optimistic about MATIC’s prospects. Crypto analyst Ali, for instance, predicts a potential rebound for MATIC soon. Ali’s bullish stance is grounded in the TD Sequential indicator, a tool to pinpoint trend exhaustion and imminent price reversals.

Ali’s analysis suggests that the TD indicator currently signals a buy opportunity for MATIC. He contends that if buying pressure intensifies around its current price levels, MATIC could experience a notable upswing.

His projections point to a potential climb towards the $0.88 to $0.96 range, translating to an approximate 16% increase from its current valuation. This optimistic forecast assumes that Polygon’s underlying technology and market position can outweigh the recent concerns raised by ChainArgos’ findings.

Featured image from Unsplash, Chart from TradingView

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Crypto Analyst Forecasts MATIC Price Recovery With This 16% Swing

MATIC was one of the altcoins affected by the recent market downturn triggered by the controversial Matrixport report on the Bitcoin spot ETF this week. This negative sentiment pushed the cryptocurrency’s price from trading at nearly $1 to below $0.85 in a single move.

However, the tide seems to be turning in favor of the bulls, as the MATIC coin has jumped more than 1.2% in the past day. In fact, a popular crypto analyst on the X (formerly Twitter) platform has sounded a buy alarm for Polygon’s native token.

Can MATIC’s Price Return To $0.96?

In a recent post on X, crypto analyst Ali Martinez has put forward a bullish projection for the price of MATIC over the coming days. According to the crypto pundit, the cryptocurrency looks set to recover all its lost gains in a potential upward price movement.

The reasoning behind this bullish prediction for the Polygon token revolves around the TD (Tom DeMark) Sequential indicator. For context, the Tom DeMark Sequential indicator is used to identify the exact time of trend exhaustion and price reversal.

Martinez noted in his analysis that the TD indicator is currently flashing a buy sign on MATIC’s 4-hour price chart. However, the crypto analyst highlighted that a bullish future for MATIC hinges on a spike in buying pressure around the current price levels.

This could potentially see the Polygon token climb toward $0.88 and as high as $0.96, Martinez said. Ultimately, this bullish prediction depicts an almost 16% surge from the current price point. 

It is worth noting that the Relative Strength Index (RSI) on the 4-hour timeframe, which tracks the bullish and bearish momentum of a token, is currently at 38.2. When the RSI is below 50, it may suggest that the token is witnessing some bearish momentum.

MATIC Price Overview

As of this writing, the price of MATIC stands at $0.828969, reflecting a mere 1.2% increase in the past 24 hours. Polygon’s sluggish performance in the past day emphasizes the altcoin’s struggles over the last seven days.

According to data from CoinGecko, the MATIC price has declined by more than 14% in the past week. And this recent market downturn saw the cryptocurrency lose virtually all of the profits it accrued in December.

Nevertheless, MATIC ranks as the 14th-largest cryptocurrency in the sector, with a market capitalization of about $7.8 billion.

MATIC

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Polygon Founder Recaps 2023: MATIC’s Surge Powers Through Resistance With 4% Uptrend

Polygon is closing out 2023 on a high note as its native token, MATIC, experienced a significant surge over the past 24 hours, despite its founder highlighting a “painful ride”.

MATIC’s current price stands at $0.8939, accompanied by a 24-hour trading volume of $701,503,128.22. This represents a notable 4.20% price increase within the last 24 hours and a remarkable 14.10% increase over the past 7 days.

Polygon Founder Embraces Underdog Status

Despite a challenging journey throughout 2023, Polygon’s founder, Sandeep Nailwal, recently expressed his contentment with the platform’s underdog status. In a statement on X (formerly Twitter), Nailwal stated:

Polygon is back to where it’s the best at being an underdog. Not going to lie, it’s been a painful ride, the whole of 2023, but right now, it feels incredibly liberating to be the underdog again.

Furthermore, Nailwal went on to outline several reasons why he believes investors should feel bullish about Polygon’s prospects. 

One key feature is Ethereum Virtual Machine (EVM) Compatibility, which allows Polygon to replicate the Ethereum environment as a rollup. This compatibility ensures that any application running on Ethereum or other EVM-compatible chains can be deployed onto zkEVM, Polygon’s layer 2 solution, with minimal modifications.

Another aspect highlighted is the utilization of Zero-Knowledge Proofs (ZKPs) for transaction validation. By leveraging ZKPs, Polygon enhances transaction speeds and reduces gas fees, addressing critical pain points experienced by users on other blockchain platforms.

Scalability is a paramount concern in the blockchain industry, and Polygon aims to address this challenge by executing smart contracts using zero-knowledge technology. 

This approach ensures “scalability without compromising decentralization” and security, bolstering the platform’s overall appeal to developers and users alike.

Moreover, Polygon’s strategic affiliation with zkEVM positions it to leverage the existing ecosystem of over 400 decentralized applications (dApps) within the Polygon network. 

This ecosystem includes a diverse range of DeFi protocols, gaming platforms, and NFT marketplaces. By capitalizing on this thriving ecosystem, Polygon aims to further solidify its position as a leader in the blockchain space.

Midterm Targets And Strategy For MATIC Price Action

Renowned analyst Captain Faibik has released a comprehensive analysis of the price action for Polygon’s native token, MATIC. In his assessment, Captain Faibik identifies key targets and a strategic approach for investors to capitalize on potential gains.

According to Captain Faibik’s analysis, MATIC’s midterm targets are projected at $1.20, $1.60, $2.50, and $4.00. These targets represent potential price levels that MATIC could reach based on historical patterns. 

Notably, to manage risk and protect their investment, Captain Faibik recommends implementing a stop-loss strategy. If the weekly closing price of MATIC falls below $0.55, it is suggested to exit the position.

Furthermore, Captain Faibik advises investors to adopt a long-term mindset and hold their MATIC investment for a minimum of 60 days. This holding period enables investors to ride out short-term price fluctuations and potentially capitalize on the projected targets identified.

Polygon

Featured image from Shutterstock, chart from TradingView.com

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Is Chainlink and Polygon About to Rip Higher? Whales Accumulating

According to Lookonchain data on December 20, whales are actively accumulating Chainlink (LINK) and Polygon (MATIC) and moving them from Binance, one of the world’s largest cryptocurrency exchanges by trading volume. 

Citing on-chain transfers, Lookonchain notes that LINK is specifically seeing significant accumulation from a fresh wallet labeled “0x8eAD,” which has withdrawn 247,860 LINK worth approximately $3.5 million from Binance in the past two days.

Meanwhile, two new wallets, “0xa813” and “0x38b3”, have been actively accumulating MATIC, withdrawing 5 million MATIC worth around $3.13 million from Binance earlier today.

Chainlink whale moves coins | Source: Lookonchain via X

Whales Accumulating, Will MATIC And LINK Rally?

The fact that whales, individuals, or entities controlling large amounts of a particular token or coin are circling MATIC and LINK is net bullish and might support prices in the coming sessions. 

Notably, the transfer is considered bullish when whales move coins from exchanges to non-custodial wallets like hardware wallets or even hot wallets to engage in decentralized finance (DeFi), degen trading, or NFT trading. 

This shift is because, unlike in centralized exchanges like Binance, where their intention is usually trading for other coins or USDT, in on-chain apps, they can use the same stash to earn rewards, for instance, by providing liquidity or staking. 

Therefore, considering the recent transfer, LINK and MATIC prices might recover, increasing in the coming few trading sessions. Thus far, looking at candlestick formations in the daily chart, LINK is stable and remains within an uptrend. Notably, prices are trading above the 20-day moving average, suggesting that the coin found support. LINK is currently up 155% from September lows but down 15% from November peaks. 

Chainlink price trending upward on the daily chart | Source: LINKUSDT on Binance, TradingView

On the other hand, MATIC is also stable and rejects attempts for lower lows. After days of consolidation, the coin has support at around $0.70, matching a critical level recorded in November. 

Still, whether the uptrend will resume depends on whether prices will float higher, breaking above $0.93 or November 2023 highs in the coming session. 

Technically, $0.95 marks a critical reaction level for MATIC that, if comprehensively broken, could open the doors for $1.20 and $1.60 in the coming sessions.

Polygon And Chainlink Roll-Out Critical Features

Beyond current technical formations, fundamental events prop up Polygon and Chainlink bulls, especially around decentralized finance (DeFi) and layer-2 scaling. 

Chainlink’s new staking upgrade aims to mop more LINK from circulation, possibly increasing prices on rising demand for Cross-Chain Interoperability Protocol (CCIP). 

Meanwhile, as other blockchains repurpose to become Ethereum layer-2, Polygon CDK is becoming a critical cog in fast-tracking the process, directly supporting MATIC prices.

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Polygon (MATIC) Price Faces Crucial Turning Point That Could Trigger 50% Rally, Analyst Says

Polygon (MATIC) is the altcoin in focus this time around as an analyst provides an analysis of the crypto token. Based on this analysis, there is a feeling that things could soon begin to look up for MATIC.

Polygon Could See Significant Rally Soon

In a video shared on the Cheeky Crypto YouTube Channel, crypto analyst JB noted that MATIC has declined following Bitcoin’s pullback. However, this move is unexpected as he believes that the crypto token’s decline to the particular retracement area sets it up nicely for an upward move. Based on his projection, MATIC could rise to between $0.87 and $1.36.

JB also factored in other things that could suggest that an upward move is imminent. He alluded to the stochastic level, which had initially suggested an overbought condition. However, it has sharply corrected indicating that there could be another push to the upside for MATIC. On the other hand, the crypto analyst was also wary of factors that could spell a move to the downside.

One of them happens to be the volumes that are seen across various cryptocurrencies. JB stated the current volumes aren’t great, and this has weakened the prices of these crypto tokens. This could potentially hinder any projection of an upward move. Another is the possibility of MATIC losing the cross above the 200 EMA, as this suggests that a dump is imminent. 

Earlier in the video, JB had also emphasized the 5-wave pattern that was forming on different timeframes on the MATIC chart. The analyst seemed uncertain about whether or not the fifth wave was just forming. He noted that a push above $94.5 would suggest that the last wave is still to come. There is also the possibility that it could just be an A, B, and C pattern. 

Polygon MATIC price chart from Tradingview.com

MATIC To $100 Still Possible

Still analyzing MATIC’s price pattern on the charts, JB mentioned that he was still bullish on the crypto token ahead of the imminent bull market. He had previously mentioned a target of $100 for MATIC in the next bull run, and he is still standing by the projection. In fact, JB noted that a new structure forming on the charts suggests that the crypto token could rise higher than that. 

As part of this prediction, he sees MATIC being a “powerhouse” in the bull run and being one of the standout altcoins. One of the factors that he believes will contribute to MATIC’s dominance is the potential approval of the pending Ethereum Spot ETF applications. He believes that the crypto token could be a huge beneficiary, considering its role in the Ethereum ecosystem. 

At the time of writing, MATIC is trading at around $0.85, down over 1%, according to data from CoinMarketCap.

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Crypto Analyst Predicts 100% Price Surge For MATIC – Here’s What Needs To Happen

MATIC, the native token of the Polygon network, has been on an exciting run in the past few weeks, like several other altcoins in the market. Despite the positive price performance, the cryptocurrency has not been able to return above the $1 mark, seemingly facing rejection at the $0.9 zone.

However, it appears that the tides might be changing for MATIC following a crypto analyst’s projection. 

Will MATIC Price Skyrocket 100% If This Happens?

Prominent crypto analyst Ali Martinez has put forward their bullish projection for the MATIC price in the near future. In a post on the X platform, the analyst revealed that the altcoin could be set for a bullish breakout that could catapult its price to double its current value.

Martinez’s prediction revolves around the symmetrical triangle pattern forming on the Polygon weekly price chart. Interestingly, the MATIC triangular formation is around the $0.96 price point, intersecting with the 50% Fibonacci retracement level.

This pattern forms a basis of Martinez’s projection, as the analyst believes “a daily or weekly candlestick close above $0.96 could be the spark for a bullish MATIC breakout.” According to the analyst, a break through this critical price level could send the altcoin to $1.82.

This projection represents an approximately 100% rally from the current price point. As of this writing, the Polygon token is valued at $0.905165, reflecting a nearly 2% price decline in the past 24 hours. Nevertheless, MATIC ranks as the 15th-largest cryptocurrency, with a market capitalization of roughly $8.42 billion.

On-Chain Data Reveals Minimal Resistance Ahead

A particular on-chain data revelation adds even more strength to Martinez’s $1.82 projection for MATIC price. In an earlier post on X, Martinez revealed that the Polygon token might be set to go on a bullish run.

This theory is based on price data from the analytics platform IntoTheBlock. According to the blockchain platform, about 42,000 addresses purchased 5.8 billion tokens between $0.80 and $0.86, making the price range a “key” support zone.

MATIC

As displayed in the chart above, the small size of the dots indicates the low density of investors and no major on-chain resistance above the current MATIC price. “Given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level holds,” according to the analyst.

MATIC

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MATIC Price Prediction: Polygon Turned Sell On Rallies In Short-Term

MATIC price is down over 10% after the SEC’s lawsuit against Kraken mentioned MATIC as security. Polygon is under pressure and might struggle to recover.

  • MATIC price started a fresh decline from the $0.98 resistance against the US dollar.
  • The price is trading below $0.80 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to decline if it stays below the $0.800 resistance zone.

Polygon Price Takes Hit

After a decent increase, Polygon’s price struggled to clear the $1.00 resistance. MATIC formed a high near $0.9829 and recently started a steady decline, underperforming Bitcoin and Ethereum.

There was a drop below the $0.920 and $0.850 support levels. The bears even pushed the price below the $0.820 support and the 100 simple moving average (4 hours). Finally, it tested the $0.728 support. A low has formed near $0728 and the price is now consolidating losses.

MATIC is trading below $0.80 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair.

Immediate resistance is near the $0.785 level or the trend line. It is near the 23.6% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. The first major resistance is near the $0.800 level. If there is an upside break above the $0.800 resistance level, the price could continue to rise.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

The next major resistance is near $0.855 or the 50% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. A clear move above the $0.855 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.920 level or $0.950.

More Losses in MATIC?

If MATIC’s price fails to rise above the $0.800 resistance level, it could continue to move down. Immediate support on the downside is near the $0.7285 level.

The main support is near the $0.700 level. A downside break below the $0.700 level could open the doors for a fresh decline toward $0.650. The next major support is near the $0.618 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level.

Major Support Levels – $0.728 and $0.700.

Major Resistance Levels – $0.785, $0.800, and $0.855.

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Over 100 Million MATIC Incinerated In POLS Mint, But The Gold Rush Is Far From Over

The POLS mint was arguably the most anticipated event on the Polygon (MATIC) blockchain this year and the stats have corroborated this. On Thursday, the Bitcoin BRC-20-inspired mint took place and the burn figures have been nothing short of impressive. Over 100 million MATIC tokens were incinerated as a result of this event. But data suggests that this rush is far from over.

POLS Mint Triggers Massive MATIC Burns

The POLS token mint saw a massive turnout from the Polygon community as thousands of investors clamored to mint their tokens. As a result, the fees on the network skyrocketed and the ensuing token burn crossed 100 million MATIC.

According to reports, the fees on the Polygon network skyrocketed by over 13,000% sending fees as high as 4,005 gwei at the peak. Polygon founder Sandeep Nailwal acknowledged this increase in network activity, posting a chart that showed that the network had processed over 6 million transactions in a 24-hour period, amounting to a 170 transactions per second (TPS) rate.

EVM data shows that the POLS mint saw over 100 million MATIC burned which translated to over $80 million in fees alone. The NFT collection is rising in popularity and by Friday, a total of 10.32% of the collection has been minted.

Why Polygon Is Just Starting

One of the major drivers of the POLS popularity is its similarity to the BRC-20 standard that allowed for minting NFTs on the Bitcoin network which has been incredibly successful so far. Given the success of the BRC-20 tokens, this bullishness has translated to the PRC-20 tokens.

With only 18,480 owners of the POLS tokens and over 400,000 daily users on the Polygon network, there is still a lot of room for the new Polygon standard to catch on. When this happens, the expectation is that more investors will get into the tokens.

Polygon users are also actively awaiting the rebranding of the MATIC tokens into the new POL token. This rebranding is expected to give the token a sort of ‘fresh start’ that could propel the price upward. Users will have to convert their MATIC tokens to POL. However, the team has said that holders will have up to four years to do this.

The MATIC price initially benefitted from this surge in user activity by rising above the $0.94 level on Thursday. However, the altcoin has managed to lose some of those gains after falling 6.61% on Friday, according to data from Coinmarketcap. It is currently trading at $0.8626, albeit with a 2.67% gain on the weekly chart.

MATIC price chart from Tradingview.com (POLS Polygon)

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Polygon Network Metrics Explode: Is It Time For MATIC Price To Reach $2?

It’s been a relatively quiet period of price action for Polygon (MATIC) in the past few weeks. On this day last month, MATIC was trading around its October bottom of $0.5154 before the inflows into the crypto market. 

Although the cryptocurrency has performed reasonably well and has increased by 82% since then, its rise has mostly been overshadowed by inflows into Bitcoin and alternative cryptocurrencies such as Solana, which has seen an 188% increase in the same period.

After briefly falling below $0.9 many times this week due to consolidations, MATIC has now blasted off minor support at the $0.91 level. On-chain metrics like transaction count addresses making a profit and open interest on futures contracts all point to a continued surge for MATIC. 

Polygon Network Metrics Explode

Data from various market analytics platforms have shown a spike in transactions on the polygon network. Cryptoquant puts the total transaction count at its highest levels since September. At the same time, data from IntoTheBlock shows that large transaction volume (transactions of over $100,000) reached $636 million in the past 24 hours, an increase of more than 387% from yesterday. According to the analytics website, this is a surge of more than 3,800% compared to 30 days ago.

The volume of MATIC futures trading has also increased in the past week, as shown by the amount of open interest. According to chart data from Coinalyze, open interest on various MATIC futures markets has jumped by 120% this month. 

As shown by the chart below, the total open interest is now at $260 million from $118 million on November 1. This dramatic increase shows that more traders are betting on MATIC’s price rising significantly in the future.

Polygon network metrics

MATIC currently has one of the highest percentages of addresses who bought around the current price in profit. Data from IntoTheBlock’s “In/Out of the Money Around Price” metric show that 71.23% of MATIC addresses that bought between $0.800122 and $1.08 are making a profit at the moment. In comparison, around 66.99% of Bitcoin addresses who bought around the current price are making a profit.

MATIC price profit

MATIC Price To Reach $2?

Technical analysis of MATIC’s price chart shows the token could be gearing up for over $1 or higher in the coming weeks. MATIC has already bounced off a support level around $0.86 more than four times this week, indicating that the bulls are not willing to give up momentum yet. 

MATIC is trading at $0.94 at the time of writing, and the next resistance is around a bearish order block proving resistant at $9.8. A break over this resistance could see MATIC reach above $1, and a move above $1 would confirm the uptrend and open the door for a run toward $2 or higher.

According to Dave The Wave, Polygon is set to enter an uptrend against Bitcoin. The crypto analyst’s technical analysis points to a 200% increase from its current value to approximately 0.0000618 BTC, equivalent to $2.25.

MATIC price chart from Tradingview.com (Polygon network metrics)

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Crypto Analyst Says MATIC Price Will Rocket Above $1.5 If This Happens

The MATIC price has gained quickly making it one of the top gainers in the last day. But even after growing so much, crypto analysts think that the main event is only beginning, expecting the token to cross the $1 mark once more and make it above $1.5.

MATIC Price Could Mount 76% Rally To $1.5

Crypto analyst Babenski has laid out a scenario where the MATIC price could rise back above $1.5. The token has seen investors eagerly await its return and it is expected to be glorious. As the analyst outlines, the Polygon native token is still facing a bit of a resistance but a breakout above the $0.9 would spark a surge.

The analyst explains that the price is being held back but is trying to break out of the A&V pattern. Even the fact that the altcoin is trying to break out of this pattern is bullish and a complete break could see it rise up and clear the coveted $1 level.

MATIC price chart from Tradingview.com

Also, this breakout could see the price rise as high as 76%, as Babenski notes. Such a surge would bring MATIC above $1.5. If this happens, it will be the first time in almost a year that the MATIC price has crossed this level and could signal the start of another bull rally.

Maintaining A Bullish Outlook

In addition to Babenki, another crypto analyst has taken to TradingView to share their own bullish outlook on the MATIC price. This time around, Nathan at MyCryptoParadise presents their analysis with the fact that MATIC seems to have a well-executed rounding bottom pattern.

Then using the daily candle, the analyst predicts a potential to break out from its current supply area. “A successful breakout would pave the way for MATIC to probability advance toward our targeted supply area,” Nathan said. The outcome and the expected peak of this breakout, although not as high as Babenski’s forecast, also put the price above $1.1.

MATIC polygon price chart from Tradingview.com

However, it is not a completely smooth road for the MATIC price here. This is because the analyst says that if the altcoin comes across any difficulty in breaking the supply area, then it could trigger a downtrend. This would cause the price to dip and head toward demand at $0.69.

“The undesirable scenario unfolds if, during the retesting at the demand of $0.69, MATIC struggles to sustain its position and breaches the demand area,” says Nathan. “In such a case, MATIC would revert to a bearish movement, potentially retracing to the robust support area.”

MATIC price chart from Tradingview.com (Crypto analyst)

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Polygon (MATIC) Price Fueled By Increase In Whale Activity

Polygon’s native coin MATIC continues to gain traction as the cryptocurrency experienced an impressive increase in whale transactions over the past 30 days, bolstering price growth for the digital asset and the ecosystem.

Whale Activities Propels Polygon MATIC’s Growth

Recently, Polygon MATIC’s whale transaction volume significantly increased over the past 30 days, which has sparked increased interest in the crypto asset. Whale transactions are classified as transactions that are over $100,000.

Data from on-chain analytics firm IntoTheBlock has revealed a 3,800% increase in whale transactions within the Polygon network. The increase in whale transactions might indicate the presence of active buying and selling maneuvers from institutional and large-scale investors.

“Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago,” IntoTheBlock stated.

Initially, whale transactions from major players can influence the market dynamics of a cryptocurrency asset. This is one reason why MATIC’s price has experienced a significant uptick in recent weeks.

Furthermore, it was also revealed that wallets holding 100,000 to 1 million MATIC have amassed over 42.88 million of the token since October 24. In addition, 161 transactions totaling $100,000 or more were conducted in a single day—the most since July 2023. 

MATIC’s price is not the only asset this increase in whale activity has positively impacted in the last 30 days. The crypto’s market capitalization has also increased significantly following the whale activities and accumulation, recording a 62% increase in the past 30 days.

MATIC’s Performance Over The Past Week

Just last week, the cryptocurrency went past the $0.75 price mark, indicating an over 50% increase in price surge in the last 20 days. This means the crypto is showing significant strength, which could see it reaching the $1 mark by the end of the year. 

MATIC experienced a 33% year-to-date (YTD) decline in September but recovered within a month. The MATIC’s price rally puts it in a profit-making position.

Currently, the price of MATIC is $0.87, with a 24-hour trading volume of $943,748,349 as of the time of writing. Its market capitalization is valued at $943,748,349, with an over 4% increase in the past 24 hours, according to CoinMarketCap. 

In addition, the web3 gaming platform Immutable recent partnership with Ubisoft might also significantly affect the price of MATIC. This is because the platform is the first to establish a zero-knowledge (zk) scaling solution for the Ethereum (ETH) community, and Polygon will power the platform’s zkEVM. 

Polygon MATIC

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MATIC Price Prediction: Polygon Pump 15%, Bulls Target $1

MATIC price is up over 15% and trading near $0.85. Polygon bulls are in charge, and they might soon aim for a move toward the $1.00 level.

  • MATIC price started a strong increase above the $0.75 resistance against the US dollar.
  • The price is trading above $0.78 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $0.850 and $0.880 resistance levels.

Polygon Price Signals Breakout

After forming a base above the $0.65 level, Polygon’s price started a strong increase. MATIC broke many hurdles near $0.70 to move into a positive zone, like Bitcoin and Ethereum.

There was a move above the $0.75 resistance and the price climbed over 15%. Finally, it tested the $0.850 resistance zone. A high was formed near $0.8588 and recently the price saw a downside correction. There was a sharp decline below the $0.820 level.

The price even spiked below the 50% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high. However, the bulls remained active above the $0.750 support zone.

There is also a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high.

MATIC is now trading above $0.78 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.850 level. The first major resistance is near the $0.880 level. If there is an upside break above the $0.880 resistance level, the price could continue to rise.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

The next major resistance is near $0.920. A clear move above the $0.920 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.980 level or $1.00.

Downside Correction in MATIC?

If MATIC’s price fails to rise above the $0.850 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.800 level.

The main support is near the $0.775 level or the trend line. A downside break below the $0.775 level could open the doors for a fresh decline toward $0.720. The next major support is near the $0.700 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.800 and $0.775.

Major Resistance Levels – $0.850, $0.880, and $0.980.

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Polygon (MATIC) Flying: Is This Program The Primary Catalyst?

MATIC, the native token of Polygon, an Ethereum sidechain, is ripping higher, mirroring the general performance across the crypto scene, spearheaded by Bitcoin (BTC). As of November 9, MATIC is up roughly 5% in the past 24 hours and inching closer to July 23 highs, looking at the candlestick arrangement in the daily chart.

This upswing is at the back of rising trading volume and improving sentiment, which has seen the token expand 64% from October lows, a net positive for optimistic traders.

Polygon price trending upwards on the daily chart | Source: MATICUSDT on Binance, TradingView

The 110 Million MATIC Grant

Looking at events in the past few trading days, the MATIC rally seems to have been catalyzed by Polygon Village’s recent announcement. The team said it plans to distribute 110 million MATIC to projects aiming to deploy decentralized finance (DeFi), gaming, and social media solutions on the sidechain. 

Polygon said late-stage projects can receive direct grants of up to 2 million MATIC. Meanwhile, early-stage projects and startups, can apply via quadratic funding grants. 

In this funding arrangement, the amount of MATIC sent to a project will directly depend on how popular the project is. Those that are popular among crypto holders will receive more funds. Still, it remains unclear how Polygon Labs will deal with bots when deciding how popular a given project is. Voting will be on-chain on Polygon, where MATIC will be the currency through which users can support their favorite projects.

Polygon Rising Stature: From POL To ZK-EVM

Over the years, Polygon has emerged as a popular scaling solution for Ethereum, looking at statistics and total value locked (TVL), especially in DeFi. The platform is compatible with the Ethereum Virtual Machine (EVM). Accordingly, it allows protocols launching on its rails to easily connect with the mainnet without sacrificing security.

By connecting with Polygon, projects can operate in a highly scalable environment with relatively low fees. This feature allows intensive dapps, including social media platforms or decentralized exchanges (DEXes), to operate seamlessly.

Polygon is also transitioning and, subject to the community’s approval, will gradually replace MATIC with POL. This token will power the broader ecosystem, including supernets and layer-2 networks relaying on Polygon’s infrastructure. In late October, the POL contracts went live on the Ethereum mainnet as part of Polygon 2.0. This transition will see Polygon integrate zero-knowledge (ZK) technology into all its products. 

Manta Network said it would retool and integrate Polygon’s Chain Development Kit (CDK) in mid-October. Doing this, the protocol migrated from the optimistic rollup it initially launched on. Using Polygon’s CDK, Manta integrates zk Rollup technology to settle transactions faster and confidentially.