Polygon Price May Surpass $1.50 In February – Here’s Why
05 Februar 2023 - 05:06PM
NEWSBTC
Polygon price is still moving upward and is comfortably above the
$1.20 mark as it continues its ascent toward $2. According to data
from CoinMarketCap, the leading Layer-2 blockchain has gained an
impressive 67% since the start of the year as the crypto market
continues to recover from the extended bearish period of
2022. Polygon’s growth has been attributed to solid
fundamentals, and its native token, MATIC, could surpass $1.50 in
February due to a few factors. Polygon Spurred By DeFi Growth
Polygon has performed well in the DeFi sector in the past with its
unique infrastructure and low transaction fees attracting new and
established platforms to its ecosystem. The latest platform to join
this trend is Dopex finance. Polygon announced on February 4 that
the decentralized options protocol had launched on its
blockchain. It further stated that this was a step forward
for Dopex as it would reach a wider user base and provide
opportunities for traders to take advantage of its novel features.
Following the announcement, MATIC’s price responded positively, and
its daily and weekly charts are in the green zone. Related
reading: MATIC Gains Over 20% As Polygon Network Records Biggest
Whale Transaction Of 2023 This development comes after the Polygon
team completed a hard fork on its blockchain network. According to
Polygon the hard fork would significantly reduce price fluctuations
on its network while following the gas mechanisms of Ethereum. It
would also ensure that gas fees remain relatively lower during peak
periods on its network. MATIC’s price surge could have been a
significant factor in the token’s popularity among crypto whales.
According to data from the crypto tracking platform WhaleStats,
MATIC surpassed Shiba Inu (SHIB) to become the most-traded token
from Ethereum (ETH) whales. In addition, data from
DeFiLlama reveals that the Total Value Locked (TVL) on Polygon has
increased since the turn of the year to $1.2 billion. Furthermore,
the token is among the most discussed on social media, and its
daily on-chain transaction volume has also increased. Polygon
Price Shows Strong Fundamentals Presently, there are positive
sentiments regarding the current upward movement of MATIC, and the
digital asset is showing solid fundamentals that indicate further
price growth. The token is trading well above what was expected
this week by several analysts. Related reading: The Crypto
Dream Team: Binance Coin (BNB), Polygon (MATIC), and Orbeon
Protocol (ORBN) MATIC has established support above the $1 mark,
which means that the bulls are in control, and we could see further
consolidation in the coming days. The current resistance level is
$1.50, and if the trading volumes continue to rise, we could have a
price closer to $2. Despite these positive indicators,
the market is still fickle, and there’s a slim chance that there
could be a pullback before the next price surge. MATIC is currently
trading at $1.21 at the time of writing. It is down 2.5% in the
last 24 hours but has gained 6% in the past week. Featured
image from Capital.com, chart from Tradingview.com
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