What is Polygon network? What is MATIC token? MATIC price prediction?
What is Polygon(MATIC)?
Polygon is a cryptocurrency and a layer-2 scaling solution created in 2019 with the symbol MATIC as well as a technology platform that connects and scales blockchain networks. Polygon—dubbed “Ethereum’s internet of blockchains”—debuted in 2017 as Matic Network.
Polygon kept its MATIC cryptocurrency, which underpins the network, after the rebranding on February 9, 2021. MATIC is an ERC-20 token that powers the polygon network. It’s used to pay for gas fees, for staking, and for governance. As per CoinMarketCap, there’s a current circulating supply of 7.48 billion MATIC tokens, with a max supply of 10 billion.
Utility of Polygon(MATIC)
Polygon has evolved from a simple scaling solution to a more broad and complex ecosystem with a wide range of use cases for both users and developers, including the ability to launch Ethereum-compatible blockchains, use Ethereum-based decentralised applications (DApps), mint non-fungible tokens (NFTs), become node validators and delegators, stake MATIC, and much more.
Yield-generating protocols like Aave or Curve Finance, decentralised exchanges like SushiSwap, and the most popular decentralised NFT (Non-Fungible Token) marketplace, OpenSea, are just a few of the successful companies that use Polygon.
A Rollercoaster Ride For MATIC
A not so good year end(2021) then a slow start in the new year(2022) midst of the whole crypto market crash but now seems willing to surge in the price.
Yes, we are talking about MATIC’s price hike as a result of technical development and of course the flip in the market structure favouring bulls ultimately benefiting those you bought the recent dip and are ready to reap the benefits.
MATIC Price Prediction : Ready to Rumble
Starting in December 2021, the MATIC price dropped approximately 55% and hit a swing low of $1.30. Polygon was pushed down from it’s all-time high of $2.92 by this downturn. The altcoin has tagged the same level twice since the retest of $1.30 on January 25, forming a trend reversal setting known as the triple bottom pattern.
However, the token has been on a downward trend, with It’s price decreasing to $1.4222 on April 19, 2022, after losing more than half of its value from it’s all-time high. As tensions on the Russia-Ukraine border began to increase, the coin dropped 25.9% of its value between February 15 and March 15, 2022, amid broad unfavourable market sentiment.
The price of MATIC has rebounded 15% since the third retest and is now hovering around $1.43. Altcoins are expected to follow in Bitcoin’s footsteps or take the lead by rebounding once the price of Bitcoin settles and finds its footing.
Regardless, the $1.30 support level appears to have relieved any downside pressure, and Polygon is set to begin a rebound that would take it to the first barrier at $1.94. This
This rally could occur after a period of consolidation, especially if purchasing pressure is low. The MATIC price’s expected trajectory is shown in the chart for reference.
If the $1.94 barrier is broken and the $2 barrier is broken, a 48 percent rise to the next ceiling at $2.87 is possible. MATIC price could extend higher and retest the all-time high at $2.92 if bullish momentum is strong enough.
While a local top is expected to emerge around this level, a larger picture examination suggests a rounded bottom. This price motion shows that MATIC has more room to rise as long as the crypto community remains bullish.
Overall, this jump from $1.43 to $2.87 represents a 100 percent increase.
Also, check Latest Beldex price prediction
According to AMB Matic’s price can kick upto 100%