Polygon Price Up By 10.51% – Time to Buy MATIC Coin?

While Bitcoin is struggling to break above the $60,000 resistance level, altcoins like Polygon are hitting a massive price surge in the last 24 hours, prompting investors to buy MATIC.

Polygon has been the most successful of the many layer-two protocols that lift the burden of the transaction from Ethereum’s shoulders.

The rollup platform has become a hotbed for developers and users alike due to the blazing speed of transactions and the low fees associated with using Polygon for DeFi purposes.

MATIC: Welcoming Back The Bulls

Despite playing second fiddle to the Ethereum network, Polygon has become a top destination for many. This polarity is largely due to the 65,000 transactions per second (TPS) and low cost of using the protocol for executing smart contracts on the Ethereum network.

The increased adoption has kept Polygon in the top 20 ranks, and today’s rally is a testament to the protocol’s growing relevance.

At press time, Polygon’s utility token MATIC is trading at $1.918, up 10.51% in the last 24 hours. Weekly gains are also in the green zone, with the digital token up 13.65% in the last seven days.

Since rebranding to Polygon in early March, the network has seen its growth turbo-charged with fledgling ecosystems like decentralised finance (DeFi), non-fungible tokens (NFTs), metaverse, and most recently Play2Earn.

The growing relevance of Polygon in these ecosystems has enabled the MATIC token to rally more than 10,790% year-to-date (YTD) with a 12-month trailing increase just shy of 9,812.01%.

Given this significant growth, MATIC occupies the 18th spot on the most valuable crypto assets by market cap with a 0.51% market dominance. Today’s rally has lent further credence to Polygon’s market valuation, which is also up 10.51% with $13.651 billion in recorded value. The 24-hour trading volume is also through the roof at $1.675 billion, up 29.13% so far.

Polygon’s meteoric rise follows on the back of Bitcoin’s rally into global blockchain prominence. With DeFi, NFT, and other developing fields seeing growing attention, this might be an ideal time to buy MATIC for a bargain and plug into one of the top coins in the coming weeks.

MATIC Technical And Fundamental Analysis

Polygon has suffered through the same pangs as several crypto protocols following a strong rally to $2.45 in mid-May. Since seeing a sharp descent from its previous all-time high (ATH), MATIC has seen resistance in the $1.95 region, only breaking above to $2.1 in late October.

However, the current bullish climate surrounding the broader crypto market has seen MATIC soar above the 20-day moving average (MA) support price of $1.691. This figure indicates a strong short term bullish disposition.

The 200-day MA is also uptrend as MATIC is trading well above the indicator price of $1.405.
On the other hand, the 14-day relative strength index (RSI) figure of 58.76 shows that MATIC is still largely underbought. However, this may change in the coming days as crypto activities spike up once more.

The moving average convergence and divergence (MACD) has flipped bullish as the indicator signals a buy position.

Polygon has continued to invest heavily in the transition to the Web 3.0 vision. To this length, the scaling solution has recently partnered with leading digital asset market maker Wintermute. The partnership will see $20 million invested towards growing the Polygon ecosystem.

Alongside this, NFT multi-chain mass marketplace OpenBiSea is launching its utility token OBS on the Polygon network. According to the NFT platform, Polygon’s highly scalable platform makes the layer-two protocol a perfect fit.

Buy MATIC at eToro from just $50 Now!