Polygon (MATIC) Among Top Performers, Can It Sustain The Rally?

The popular Ethereum layer-2 token MATIC has risen by more than 17% over the past 24 hours leading crypto markets gains. Its price jumped from the previous day’s low of $0.815 to a local high of above $1. But, it broke the $1 barrier. Settling at $1.13Press time

MATIC’s price had fallen for five days in a row beginning on October 29th. It has seen remarkable improvements due to a number of positive developments. Meta’s recent announcement about supporting NFTs on Instagram leveraging Polygon was the main catalyst. The social media platform’s newest Web3 integration comes amid fierce competition from TikTok and Alphabet’s YouTube.

Meta Starts to Test Instagram NFT Sales Powered by Polygon

Meta is the owner of Instagram announcedThe platform will allow for the sale, display, minting, and promotion of digital Polygon-powered collections and NFTs. The platform will allow artists to engage with their followers and gain new ways of making money. According to Meta, the photo-sharing app’s latest features will be tested by a handful of US creators. It is hoped that the app will reach as many people as possible in as many countries as possible. Instagram will offer a comprehensive toolbox for all aspects of the business. The toolbox would be used for everything NFT-related, including NFT sales and display.

Meta (at the time known as Facebook), was launched in May 2022. TestThe service was expanded and reached 100 countries by September. It allowed users of Instagram and Facebook in America to link their wallets, and then share digital collections via platforms. Users are able to automatically tag collectors or makers without having to pay network fees.

Artists can use NFTs to turn their social capital into financial rewards. Fans may be able to appreciate artists through the collection and curatorship of digital art. Polygon reported that worldwide, 50 million people consider themselves online producers. These individuals can also publish their digital works online through NFTs, which they highlighted. Polygon’s co-founder Sandeep Nailwal hailedThis agreement is a significant milestone in the journey to bring one billion people online.

Can MATIC Leverage Meta’s Deal To Sustain The Rally?

Following Meta’s Instagram post that it will support Polygon NFT, MATIC investors woke up to a 12% gain. Last week, MATIC’s price surged beyond $0.88, which is now acting as support.

The MATIC price has increased to $0.95 since then. It has brought in huge returns to its owners since October 29th. Avramis is a crypto trader, analyst and trader. predicts that MATIC’s price will rise to $1.25 this November. Many market watchers see this as confirmation that MATIC’s recent positive trend reversal will persist.

However, not everyone is bullish about Polygon’s price trend; some see a potential correction phase ahead. A decline to the $0.88 level would prove bears’ dominance and discredit the bullish thesis. The MATIC price could fall to $0.72 if bulls are unable to keep up their pace.

Featured image taken from Pixabay. Chart from TradingView.com

Get more Crypto News at CFX Magazine