The price of Polygon’s (MATIC) token has emerged as the leader among all other cryptocurrencies in the market, as it has recovered its pre-Terra levels. The token’s price has risen to a 9-month high, reaching beyond $1.4 and displaying the potential for continued bullish trends ahead. The platform has gained significant traction, with a spike in DeFi and NFT activities contributing to this trend.
In addition, the much-anticipated zk-EVM roll-up is set to launch in the last week of March, which is expected to kick-start the next bullish wave soon.
The MATIC price has been trading within a rising parallel channel, maintaining its trend within the upper bands. With the recent upswing, the price is attempting to break through the upper bands of the channel and secure levels beyond the higher target of $1.51.
The RSI has also maintained an elevated trend, and despite a minor plunge, the levels have been maintained above the average. Moreover, the buying volume has surged, indicating that bullish momentum may prevail for a longer period.
As the price surges above the crucial resistance at $1.5, the bulls may gain complete control over the rally. The price may continue to test higher resistance in the coming days, with $2 being the first threshold to surpass.
Furthermore, whale accumulation has intensified as retail traders increase their activity over the platform. Therefore, with the combined effort of investors and bulls, the MATIC price may rise heavily, marking new highs in 2023.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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The polygon (MATIC) price has been rising steadily in recent months, making many investors curious about its potential outlook. With a current market capitalization of nearly $9 billion, polygon is one of the most popular coins on the market and is widely seen as one of the most promising crypto projects. In this article, we will explore some of the top reasons why polygon could mark a new all-time high (ATH) price above $3 in 2023.
1. Growing User Base: One of the main reasons for polygon’s growth potential is its large and growing user base. The platform currently has over 1 million active users, and this number is expected to continue to grow over the coming years as more and more people discover the powerful features and benefits of polygon’s platform. Furthermore, the platform’s scalability ensures that it can handle the increasing popularity and demand.
2. Major Partnerships: Polygon has already established a number of strategic partnerships with tech giants such as Samsung, Binance, and Mastercard. These strategic partnerships provide further confidence in the technology and its long term prospects. It is likely that these partnerships will also help further fuel the growth of the coin’s price.
3. Decentralized Finance (DeFI): An increasing number of people are turning to decentralized finance (DeFI) to transact without the need for a centralized third-party. Polygon is one of the leading platforms for DeFI transactions, which could make it an attractive investment for prospective investors.
4. Increased Visibility: The increasing visibility of polygon, due to its major partnerships and DeFI focus, is another key factor that could drive its price further. As more people become aware of the platform and its features, its demand and price could rapidly increase.
These are just some of the top factors that could drive polygon to a new ATH price of above $3 in 2023. Despite this, it is important to note that the cryptocurrency markets are highly speculative and the future of polygon is far from certain. Nonetheless, the coin’s strong fundamentals and recent developments make it one of the most promising blockchain investments currently available.
