Matic Network, now Polygon, the framework aimed to enhance interoperability between the Ethereum blockchain and compatible networks, has experienced big price swings since the end of April 2021. MATIC, Polygon’s native token, spiked around 760% in a four-week long surge, rising from $0.31 on 20 April 2021 to an all time-high of 2.68 on 18 May 2021.
Following its record high, MATIC plunged to $0.89 on 23 May, but immediately skyrocketed on 26 May 2021, reaching $2.27. The token’s price gradually descended to $0.62 by 20 July 2021.
The recent price surge, and its latest breakout through the major resistance level of $1.51, was triggered by Polygon (MATIC) news about the creation of a decentralised autonomous organisation (DAO). According to Polygon, the system aims to form committees, promoting discussion between projects like Sushi, Aave, QuickSwap and others to “bring DeFi to the next million users”.
A non-mineable token, MATIC, currently trading around $1.63, with a market capitalisation of $10.5bn (£7.6bn; €8.9bn), ranking it 17th in the global cryptocurrency rating.
Is Matic Network a good investment option? Follow our detailed Polygon price prediction to help you decide whether it deserves a place in your investment portfolio.
What makes Polygon special?
Polygon aims to improve blockchain scaling and interoperability. There are several major features that have contributed to the platform’s popularity and positive analysts’ outlook.
Polygon is compatible with EVM, which makes it useful for those who develop apps on Ethereum and program in Solidity.
Polygon’s security model is optional – there’s no need to sacrifice flexibility for the sake of additional security if not needed.
Polygon claims to be flexible enough to incorporate different scalability solutions beyond Plasma chains, including Optimistic rollups and ZK-rollups.
What is Polygon crypto?
Formerly referred to as Matic Network (it was rebranded in February 2021), Polygon is a layer-2 network developed to add additional scalability to Ethereum and improve interoperability between its blockchains.
Polygon describes itself as “Ethereum’s internet of blockchains” – an easy-to-use platform for Ethereum scaling and infrastructure development.
Polygon strives to solve some of Ethereum’s major drawbacks, including poor user experience (delayed transactions), insufficient throughput and lack of community governance, with a new sidechain solution.
MATIC Current Market Status
As of the time of writing this Polygon price analysis, MATIC trades at $0.9465 with a 24-hour trading volume of $747,730,495. The price of MATIC has increased by 2.27% in the last 24 hours.
Furthermore, MATIC has a current circulating supply of 6.39 billion MATIC. Currently, the top cryptocurrency exchanges for MATIC are Binance, OKEx, CoinTiger, Huobi Global, and FTX.
Now, let’s proceed to the next part of this MATIC technical analysis for 2021.
MATIC Price Prediction 2021
Currently, MATIC holds the 21st place on CoinGecko. Would the market performance be enough for MATIC to maintain its bullish position in 2021? Are you excited to know the results? Well, what are we waiting for? Let’s get to the bottom of it in this MATIC price prediction 2021.
In the short-to-mid term scenario for our MATIC price prediction 2021, MATIC has to break past the retracement level at $1.51. To do this, it has to establish more support at the Fib level at $1.25. If not, bears may gain the upper hand and drag MATIC to their territory.
Meanwhile, our long-term MATIC price prediction 2021 is bullish. Even more, it has a high possibility of reaching a new all-time high this year. However, that will only happen if it breaks past a number of psychological resistances.
MATIC Price Prediction 2022
If this bullish trend continues, MATIC will reach $2 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $2.5. Then this rise will slow down, but no major falls are expected. With upcoming, partnership, and developments reaching $19 is quite optimistic in the price point of view but undoubtedly feasible for the near future.
MATIC Price Prediction 2023
If MATIC holds the support level around 200-MA, the long-term moving average of 200 days firmly, buyers will then have ample time and stability to forge the next attack mission on the vital level at $3, making it not plummet but play consistently.
MATIC Price Prediction 2024
As per the latest upgrades, developments, MATIC price prediction, and new project forecasts of the platform, MATIC investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of MATIC in the crypto market, and it will be the best investment as the price can spike and reach around $5.
MATIC Price Prediction 2025
In the next four years, MATIC prices could race up to $7.5. However, reaching this level could not be so difficult for MATIC as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that MATIC has a high possibility of reaching a new ATH soon in the next five years as per the prediction.
Their vision is to create a world with unique blockchains that can freely exchange information and not create ideological and technological barriers. It provides an infrastructure with extreme scaling, modules of consensus, and governance that can be used to deploy and configure their blockchain. These blockchains can benefit from a Proof of Stake Sidechain that increases the speed of transactions and reduces the fees through a network of validators while working on the Ethereum main chain.
Polygon supports Stand-Alone Chains which are directly compatible with Ethereum and secured chains that leverage a network of validators through bootstrap.
So the question arises how is it unique compared to others? Polygon is a one-of-a-kind project that provides a series of tools to create high-performing and scalable decentralized applications and blockchains.
So do we think the Polygon is a good investment?
Even during the crypto market crash, Polygon attracted investors, including Mark Cuban, due to its scalable solutions. Even though Bitcoin and Ethereum are still ruling the crypto space, investors are looking for new alternatives to invest, which have had the option to grow and are based on solving long-term problems. This increased popularity is crucial for Polygon because it will open more opportunities for this network and grow faster. This network is for everyone who wants to join in and take advantage of the current market situation. We have to keep an eye on Matic to see where it goes from here because the crypto market is very volatile. We cannot trust this market because of its inconsistency. Be cautious while buying and selling cryptocurrency as the price instantly changes, and never invest more than you cannot afford to lose. Well, that’s all for now. I hope you found this article helpful. Comment down below how many Matic do you currently hold, and write your thoughts regarding Polygon.
MATIC has a bright future ahead of it in 2021. With ongoing developments happening within the MATIC ecosystem, as well as in the overall crypto market, we may see MATIC reach new heights.
Even more, the bullish MATIC price prediction 2021 is $1.5. As said above, it may even reach a new ATH if investors have decided that MATIC is a good investment in 2021 along with mainstream cryptocurrencies like Bitcoin and Ethereum. Moreover, it has a chance to reach $2 in the latter parts of this year as well.
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