Developers have been looking for other alternatives that offer higher scalability compared to Ethereum. One of the networks that stand out is Polygon. The network offers high speeds and lower fees compared to Ethereum. These features have been akin to the increased value of the MATIC token.
MATIC is trading at $1.26 at the time of writing after an 11.4% gain in 24 hours.
MATIC Price Analysis
Polygon is one of the best performing altcoins in the market currently. The volatility of the coin has increased in the past 24 hours because of the massive upswing.
If the uptrend continues, we could see MATIC headed towards the next resistance level of $1.40. Market support is currently high, which means that this upswing will continue, at least for the short term. However, MATIC needs to push towards $1.70 to break past its two-month high.
On the other hand, the uptrend could fail, in which case we could see MATIC on another decline towards $1.10. However, this downtrend will happen if support from the broader market lacks. Whilst it could gear up MATIC for a bull run, it could also be devastating and cause a stronger bearish trend.
The Polygon network is making numerous wins in terms of adoption. A non-collateral DeFi protocol, Teller Finance, has been deployed on the Polygon network to offer scalable and user-friendly solutions. The deployment on Polygon will allow users to make deposits and fund liquidity pools. Teller Finance has also migrated 2200 NFTs to Polygon with a value of $15 million.
DeversiFi, a layer two decentralized exchange on Ethereum, has become the first DEX to develop a layer two bridge with Polygon. This will allow cross-network transactions on Polygon and allow users to transact three stablecoins, namely DAI, USDC and USDT.
Whilst Ethereum aims at solving scalability after the launch of ETH 2.0; Polygon is poised to benefit from platforms that are eager to tap early into scalability. For this reason, the MATIC token is poised for an uptrend.
Where to Buy MATIC
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