In the past few weeks, Polygon’s (MATIC), market price showed a dramatic bullish swing. The coin’s upcoming merge with Ethereum seems to have triggered the rebound.
MATIC price is hugely bullish ramming to a high of $0.9075, which is a little under July’s ATH seen at $1.01. MATIC’s market capitalization has risen by 190% in comparison to July’s lowest figure. This brings its total market cap to just over $6.7 billion.
Polygon Making Solid Ties
Polygon, a layer-2 crypto scaling solution, is designed to increase the number of applications that are built on Ethereum. Polygon allows you to scale multiple applications using transactions that are not processed by the Ethereum network.
The system is capable of processing 65,000 transactions per minute and charges low transaction fees. Popular DeFi tokens built on Polygon’s ecosystem include SushiSwap, Uniswap, Curve, and Aave.
Polygon also has partnerships with Walt Disney, Disney’s 2022 Disney Accelerator Program and Disney to explore AI, AR and NFTs. They also have an alliance with Reddit for their Collectibles Avatar NFT market. Additionally, the company also has partnerships with Stripe as well as Twitter.
Following the dismal implosion, around 48 Terra projects moved to Polygon.
MATIC registered a TVL of $1.85 Billion, which is comparatively low compared to its ATH that was over $6 Billion.
Source: TradingView.com
MATIC’s 4-Hour Chart Shows A Bull Run
MATIC’s four-hour chart clearly shows that the price is going for a bull run in the past couple of weeks which carved into an ascending channel pattern in green. MATIC is currently above both its 25-day and 50-day moving averages with the RSI rising above the neutral area.
MATIC will rise because bulls look for $1.50 as their next resistance. Any movement below $0.8500, however, will negate the bullish outlook.
After the September announcement about a merger with Ethereum, Polygon’s price surged in recent weeks.
Analysts feel that most developers will continue to use Ethereum because it is faster than any other network.
Polygon has been dubbed the “13” after its latest rally.ThLargest crypto market cap, valued at $7 Billion. This surpasses Avalanche and Shiba Inu.
The daily market capitalization of crypto is $1.04 trillion | Source: TradingView.com Featured Image from Cryptopolitan. Chart from TradingView.com