Polygon (MATIC) Breakout Could Propel Price To $1 In Days: Crypto Analyst

Polygon (MATIC) stands as one of the top performers in today’s crypto market, ranking third among the top-100 cryptocurrencies by market cap as of August 21. With a gain of 9% within the last 24 hours, the MATIC price recent surge is outpaced only by the Justin Sun associated crypto assets, TRON (+12%) and BitTorrent [...]

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Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5

Polygon (MATIC) recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the broader crypto market. Polygon Faces Significant Selling Pressure The Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock shows that Polygon is currently facing significant selling pressure. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token.  Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, Polygon is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders.  The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors.  Only 3% of Polygon holders are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC. Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. Data from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin.  Market Conditions Not Making It Easier For MATIC The current conditions in the broader crypto market have also contributed to Polygons recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging altcoins down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin. Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship crypto has experienced this price decline thanks to the rising tensions in the Middle East, with Iran and Israel at the forefront. However, the market is expected to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5.  At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap.   Featured image created with Dall.E, chart from Tradingview.com

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MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%?

MATIC, the native token of the Ethereum sidechain Polygon, has had it rough in the past five months. After soaring above $1.2 in March, the token has been in freefall, dumping over 65%. For now, MATIC faces strong rejection at $0.45 and continues to distribute, which is evident in the daily chart. The lull across the crypto scene and shrinking activity in DeFi means Polygon is on the receiving end. Despite these market-related challenges, there is a silver lining for MATIC holders. The Rebranding Of MATIC To Polygon Polygon is evolving, and after the rebranding from the Matic Network, MATIC, the native token, will be relaunched as POL. This highly anticipated upgrade is set for September 4, 2024. Related Reading: Crypto Analyst Unveils Six Super-Cycle Tokens Primed For Massive 1000x Price Explosion The rebranding will be a pivotal shift for Polygon, making a stage in which the platform introduces new utilities to POL as they look to grow and further innovate, primarily by scaling Ethereum. In a post on X, Polygon said various changes would accompany the rebranding. If anything, the team plans to overhaul the current utility in MATIC and repurpose it to meet the needs of their grand plans from now on. After September 4, Polygon said POL would serve as an autonomous fuel, a change that could also support prices. Under the new arrangement, POL will be crucial for ensuring Polygon is secure. The token will be distributed to validators as a reward for committing resources. The steady stream of rewards, Polygon said, would incentivize validators to commit even more resources. At the same time, a portion of POL will be channeled to the Community Treasury. The funds will be used to super-charge development and research, with some allocated to the ecosystem initiatives. The Grants Program And Polygon 2.0: Will It Revive Demand? Polygon has activated the Community Grants program, dedicating 100 million POL per year for the next decade to spur development in the ecosystem. The objective is to catalyze growth and ensure the platform is secure. Related Reading: Is Dogecoin (DOGE) Headed For A 40% Slide? This Analyst Thinks So The effort is part of the Polygon 2.0 roadmap, which aims to scale Ethereum further using zero-knowledge technology. Platforms launching as Ethereum layer-2s using the Polygon development stack will also receive liquidity from a unified source. At the same time, they will be interoperable with other layer-2s using the same stack since they are connected via the Aggregation Layer. Despite all these efforts, only time will tell whether MATIC will inch higher. The local resistance is at $0.45. If broken, the token must be more than 2X before reclaiming March highs. Feature image from iStock, chart from TradingView

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MATIC: Experts Warn Of Key Support Level As Price Hits Two-Year Low Levels

MATIC, Polygons native token, recently suffered a significant price decline amid a broader market downturn. The token dropped over 20% in the past month, reaching its lowest price level in two years. As the market recovers, some analysts have made a bullish case for the token but warned of a key level to watch. MATIC [...]

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Polygon Ecosystem On Fire: Daily Active Addresses And Transactions Soar, MATIC Gains 5%

Layer 2 scaling solution Polygon has maintained strong network activity even as the broader cryptocurrency market and its native token, MATIC, experienced a downturn in the second quarter of 2024, according to a new report from market intelligence platform Messari. Polygon Weathers Crypto Market Downturn While MATIC saw a 44.3% drop in its circulating market cap to $5.5 billion over the quarter, placing it as the 20th largest crypto asset (currently at the 26th position), the protocol’s on-chain metrics remained strong.  This is in contrast to larger cryptocurrencies such as Bitcoin and Ethereum, which saw their market capitalization decline by 12% and 6%, respectively, over the same period. Related Reading: Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch? The key driver behind Polygon’s stability in network performance during the second quarter of the year, according to Messari, was the implementation of Ethereum Improvement Proposal (EIP) 4844 on the Polygon mainnet in Q1 2024.  This upgrade, which introduced “blobs” to the network, significantly reduced the average transaction fee on Polygon from $0.017 to just $0.01, resulting in a decrease of 41.1%. As a result, Polygon’s revenue derived from network transaction fees fell 40.6% to $4 million in Q2 2024. However, this drop was not due to a decrease in user activity, but rather the lower fees enabled by EIP-4844. In fact, Polygon’s user metrics continued to soar, with the protocol seeing strong growth across several key indicators.  On-Chain Activity And Ecosystem Growth According to the report, the average number of daily active addresses climbed to 1.2 million, a 47.6% increase quarter-over-quarter (QoQ). The average number of daily returning addresses rose even more, up 50.5% to 1 million. Moreover, new addresses being added to the network grew by 31.7% to 167,800 per day on average. The report also notes that Polygon’s transaction volume also held steady, averaging 4.1 million daily transactions, just below its all-time high and representing a 3.9% increase from the prior quarter.  In comparison, fellow Layer 2 networks Arbitrum (ARB) and Base saw average daily active addresses of 545,000 and 528,000 respectively. Related Reading: Crypto AI Token RENDER Soars 15.6% After Rebrand, Can It Hit $10? While Polygon’s decentralized finance (DeFi) total value locked (TVL) dropped 22.9% to $1 billion, this was largely attributable to the decline in MATIC’s price rather than a net outflow of capital. Messari reported that TVL denominated in MATIC actually increased by 38.1% to 1.8 billion tokens. However, DeFi protocols on Polygon saw mixed results, with Aave, Uniswap, and SushiSwap all experiencing declines in TVL ranging from 13% to 25%. Quickswap saw the largest drop at 35%. Lastly, Polygon’s non-fungible token (NFT) market also remained stable, with average daily NFT volume dipping slightly by 5.7% to $1.8 million. However, the number of daily NFT sales actually increased by 1.8% to 52,000, underscoring ongoing collector interest. At the time of writing, MATIC has experienced a mere 5% increase to a trading price of $0.512, after hitting a 2-year low of $0.428 on July 5th.  Coupled with this worrying price action, the token has seen a 30% decrease in trading volume over the past few days, amounting to $197 million, according to CoinGecko data. All of this has resulted in an 82% difference to MATIC’s all-time high of $2.91, which was set during the 2021 bull run.  Featured image from Shutterstock, chart from TradingView.com

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Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?

Polygon (MATIC) appears to be underperforming compared to the broader market, where most of the attention is directed toward other major cryptocurrencies with larger market caps. Despite this subdued price movement, the Polygon network recently experienced a significant surge in activity, reaching its highest levels in over a year. This notable increase in activity is largely attributed to recent announcements concerning the migration of Polygons MATIC token to the new POL tokens. Polygon Network Activity Hits Yearly High According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration. This increase was highlighted by Santiment’s Active Addresses 24-hour metric, which tracks the number of network addresses that either sent or received transactions within a 24-hour period. Remarkably, this spike in activity propelled the metric to exceed 4,200 addresses over the weekend. Related Reading: Crypto Analyst Says Think Bigger, Bitcoin Price Is Headed To $100,000 A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend. Daily activity has been on a steady decline since March. In fact, the day before the spike, the Active Addresses metric recorded fewer than 1,500 active addresses. This sharp rise underscores the impact of the token migration news, indicating a renewed interest and engagement among some participants of the Polygon network, which contrasts sharply with the earlier downward trend in activity. MATIC Price Analysis At the time of writing, Polygon (MATIC) is trading at $0.534. The cryptocurrency is currently contending with a resistance level of around $0.55, a barrier that the bulls have been unable to overcome in the past 24 hours. This resistance emerged following a bullish price movement from a yearly low of $0.4313 that kickstarted on July 6, representing a 27.5% increase up to the $0.55 mark. Looking at a broader timeframe reveals that this price point has consistently posed a strong resistance level ranging up to $0.57. MATIC has made many attempts to break past this level since the last week of June. According to data from IntoTheBlock, there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price. Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In MATIC’s profitability count is currently the lowest among major cryptocurrencies, with only 30,100 addresses in profit. This figure represents less than 5% of the total addresses holding MATIC. However, this could change very soon after the mainnet upgrade. The mainnet upgrade from MATIC to POL is slated to take place in September. The anticipation surrounding this event could generate significant buying pressure for MATIC, potentially improving holder profitability.  Featured image created with Dall.E, chart from Tradingview.com

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MATIC Price Tests 8-Month Support As Polygon Unveils New Governance Hub

Polygon’s native token, MATIC, has experienced a notable disparity compared to the broader cryptocurrency market. Unlike the top cryptocurrencies that have posted double-digit gains year-to-date, MATIC has failed to post positive performance across all time frames since the 2021 bull run. Adding to the concern, MATIC’s price has recorded losses amounting to 16.5% over the past seven days. This downward trend has prompted the token to test a crucial macro support level, raising questions about its future trajectory. Amid these developments, Polygon has announced a strategic partnership with Aragon, a developer of decentralized autonomous organizations, to introduce a “governance hub” for the Polygon community.  Simplified Governance Hub For Polygon?  According to a recent blog post by the Layer 2 solution protocol, the governance hub is designed to empower users and builders, allowing them to influence the core development of Polygon’s technology. The hub will reportedly be developed in phases in collaboration with Aragon to ensure that community feedback is incorporated to create a decentralized platform that aligns with community values. Related Reading: Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull The governance hub will feature a unified interface for two essential pillars of Polygon’s governance: protocol and system smart contract governance.  The hub seeks to increase transparency and encourage greater community participation in protocol governance. As for system smart contract governance, it introduces an upgraded framework that prioritizes structured decision-making processes while maintaining transparency and safety. In addition, Aragon will leverage its expertise to build the Polygon Governance Hub using Aragon OSx. This tool enables the construction of customized on-chain governance solutions that can be adapted over time through a modular plugin-based architecture. Polygon stated in its announcement:  Polygon, and all related network architecture, needs flexible, transparent, and future-proof governance mechanisms and tooling. The Polygon Governance Hub is central to achieving this.  MATIC Market Capitalization Drops Dramatically Despite the developers’ focus on community governance within the Polygon ecosystem, key metrics indicate a consistent decline in the MATIC token’s price over the past year. For instance, the token’s market capitalization has experienced a significant drop, plummeting nearly 50% in just three months. In March, it was valued at $9.9 billion, whereas it is currently valued at $5.6 billion. This decline suggests a potential capital shift towards other large-cap tokens or profit-taking activities. Furthermore, MATIC’s trading volume has also seen a notable decrease of approximately 18% in the past 24 hours, according to CoinGecko data. The trading volume now stands at a mere $293 million. Moreover, MATIC has witnessed a substantial 80% decline from its all-time high of $2.92 in December 2021. Related Reading: Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears Presently, the token faces a critical test at an 8-month support level, as depicted in the MATIC/USD daily chart below, with its current trading price at $0.5982. Should the price continue to decline without a significant catalyst to drive an upward trend and price recovery, attention should be paid to the next support level at $0.5700. The future trajectory of the MATIC price remains uncertain, and it remains to be seen whether further downside movement is in store or if a bounce at the current support level will materialize, offering potential opportunities for bullish investors. Featured image from DALL-E, chart from TradingView.com

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Polygon (MATIC) Is Poised For Surge: Analyst Eyes Breakout Towards $1.30 $1.50 Price Range

Polygon (MATIC) see­ms ready to regain strength afte­r a dip in value. The cryptocurrency marke­t has bounced back, pushed up by Bitcoin’s recent upswing. MATIC has shown resilience; from its recent low at $0.59, it has managed to bounce back despite enduring a month-long decline of nearly 20%. Over the last we­ek, it has increased […]

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Polygon Observes Buy Signal: Analyst Suggests MATIC Rebound To This Level

An analyst has explained how a buy signal forming in the price of Polygon (MATIC) could lead to the asset rebounding towards these price targets. Polygon Is Showing A TD Sequential Buy Signal Right Now In a new post on X, analyst Ali has discussed about the a Tom Demark (TD) Sequential signal forming in [...]

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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 IntoTheBlocks on-chain data, which tracks the average acquisition price for any given wallet address.   The distribution of the Polygon token supply across various price ranges | Source: Ali_charts/X 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. Related Reading: Post-Halving Pressure: Marathon Digital Anticipates Bitcoin Break-Even Price Of $43,000 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. #Polygon has found crucial support between $1.02 and $1.05, supported by 10,900 addresses holding around 608 million #MATIC. Should this support falter, the next essential demand zone lies near $0.91, where 35,700 addresses collectively hold 394.6 million $MATIC. pic.twitter.com/rLn4ymcQf7 Ali (@ali_charts) March 16, 2024 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. Related Reading: XRP Records Massive 80% Surge In Trading Volume Can Price Reach A New ATH? With a market capitalization of more than $9.7 billion, the MATIC token ranks as the 18th-largest cryptocurrency in the sector. MATIC price finds support around $1.04 on the daily timeframe | Source: MATICUSDT chart on TradingView Featured image from Getty Images, chart from TradingView

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Polygon Warning Signs Point To Slide In MATIC Price On Support Breakdown

Polygon (MATIC) has been experiencing a mix of price action, with a 24-hour rally of 3.5% that hints at potential positive movement. However, the coin has suffered a 4.4% slump over the past seven days, indicating underlying bearish sentiments in the market.  Despite the short-term surge, the weekly time frame presents a negative outlook, primarily [...]

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Polygon vs Polkadot: Who Will Hit $10 in the Next 90 Days? Potential Scenarios Unveiled!

Which one will hit $10 in the next 90 days? Let's dive into Polygon vs Polkadot potential scenarios to find out.

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Polygon Launches zkEVM Mainnet! Here’s How MATIC Price is Going to React Next

The post Polygon Launches zkEVM Mainnet! Here’s How MATIC Price is Going to React Next appeared first on Coinpedia Fintech News

The decline in the price of Polygon (MATIC) by almost 5% during the speeches of US Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen serves as a compelling indication that global market concerns can influence the performance of cryptocurrencies. This event should be considered a significant factor in determining Polygon’s future price movements. …

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Top Altcoins to Watch Next Week! Experts Predict a Potential Bullish Rally

The post Top Altcoins to Watch Next Week! Experts Predict a Potential Bullish Rally appeared first on Coinpedia Fintech News

The crypto market is currently heating up, with investors and traders on the hunt for the next big thing. After Bitcoin and Ethereum yielded massive gains over the past week, traders are now turning their attention to the search for the next altcoins, which have the potential to explode in the coming week. As the …

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MATIC Price goes back to 1$: Time to BUY MATIC before Prices EXPLODE?

Is it smart to buy MATIC at current prices? Will MATIC go down further or retrace higher? Let's analyze in this MATIC price prediction.

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MATIC Price back to 1$: PERFECT Opportunity to BUY Polygon?

Polygon crashed and reached 1$. Is it good to buy Polygon at current prices? Let's analyze in this Polygon price prediction article.

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From Polygon NFT Wins To MATIC Gains: Understanding The Connection

Polygon has recently witnessed a remarkable surge in its non-fungible tokens (NFTs) sales volume and the influx of sellers participating in this burgeoning market. This growth in the NFT sector has sparked considerable interest and speculation among investors, prompting many to ponder the potential impact it may have on the price of MATIC, the native cryptocurrency of the Polygon network.  However, despite the impressive surge in NFT sales volume and seller participation, a closer examination reveals that not everything works in Polygon’s favor.  While the NFT market on the platform may be flourishing, other factors could impact the overall sentiment and performance of MATIC. Polygon NFT sales are trending up. Polygon NFT summer? pic.twitter.com/9Jh2ENkyjj — Narb (@NarbTrading) July 20, 2023 MATIC Price Movement In Response To Metric Movement The recent MATIC price report indicates a remarkable surge in Polygon NFT sellers, recording a staggering increase of over 480% within the last 30 days.  Related Reading: Dogecoin Sees Positive Price Movement, Bulls Set Crosshair At $0.075 Meanwhile, MATIC’s current price stands at $0.772874 according to Coingecko, experiencing a 1.6% rally in the last 24 hours but also facing a 4.3% decline. Several factors could explain this lackluster price performance.  Source: Cryptoslam For one, market sentiment plays a crucial role in shaping cryptocurrency prices, and during this period, overall opinion towards cryptocurrencies, including MATIC, might not have been favorable. Source: Coingecko Regulatory uncertainties, macroeconomic events, and broader market trends could have overshadowed the positive impact of the NFT growth on Polygon. However, price movements in the cryptocurrency market may only sometimes reflect immediate developments. There could be a time lag between the surge in NFT volume and its direct impact on MATIC’s price. Market reactions can be delayed, and sustained growth in NFT activity may be required to affect the token’s value significantly. Rising Competition Poses Challenge For Polygon  A recent report also highlights the increasing competition that Polygon, a Layer-2 scaling solution for Ethereum, is facing within its market niche. Polygon has been known for its ability to enhance Ethereum’s performance, making it faster, cheaper, and more efficient. MATIC market cap currently at $7.11 billion. Chart: TradingView.com However, the emergence of numerous other cryptocurrencies offering similar services, including Optimism, poses a significant challenge to Polygon’s once-dominant position in the sector.  In the past, Polygon enjoyed a clear lead in the Layer-2 scaling niche, capturing investor attention and interest. However, the current market dynamics indicate that this advantage has diminished. Related Reading: Chainlink Holds Strong With 19% Rally – More Gains In The Pipeline? Despite its impressive features, the price of Polygon has exhibited minimal movement throughout the year, indicating subdued investor sentiment and potentially reduced demand. On the other hand, Optimism, a direct competitor to Polygon, has experienced remarkable growth over the year, with its yearly growth soaring by over 80%. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Coin Chapter

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MATIC Price is FINALLY UP! Will Polygon MATIC continue Higher?

Polygon MATIC shot as high as 9% in the past day. Will MATIC price continue to go up? Let's assess in this MATIC price prediction article.

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Top Altcoins Set for a Massive Breakout This Week, Experts Reveal Potential Levels

The post Top Altcoins Set for a Massive Breakout This Week, Experts Reveal Potential Levels appeared first on Coinpedia Fintech News

In the past week, crypto investors experienced trauma as several macro events caused a significant loss of funds from the global market cap. The crypto market was hit hard by the collapse of the SVB, which led to the depegging of the USDC stablecoin, reminding investors of the risks involved. However, the recent announcement of …

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MATIC rebounds Higher despite Crypto Crash…Buy MATIC at a Discount?

MATIC is among the cryptos that crashed due to the bad fundamentals, but also as an adjustment was overdue. Is it good to buy MATIC now?

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