Polygon’s native token MATIC has performed positively in July as it is accumulating gains of nearly 27% since the month started despite the persistent weakness of most other assets in the crypto realm.
Just this morning, the price is surging over 10% with trading volumes more than doubling in the past 24 hours for a total of $1.31 billion worth of MATIC exchanging hands during that period as per data compiled by CoinMarketCap.
Polygon’s positive performance in a month that has been negative for cryptocurrencies as a whole demands a closer look at the latest developments that are influencing the price of the token to identify if the rally is poised to continue in the near future.
What’s Going on with Polygon?
On 5 July, Polygon announced a partnership with Nothing – a UK-based consumer electronics company – that will be initiated with the launch of a non-fungible token (NFT) supported by the project’s sidechain.
The NFT will be part of Nothing’s customer loyalty initiatives on the eve of the launch of its first smartphone.
Meanwhile, just this morning, Disney announced that Polygon will be included in its 2022 Disney Accelerator Program – an initiative that aims to speed up the rate at which promising startups are growing their respective ventures by giving them access to guidance and resources from a member of Disney’s senior leadership.
All of these good news solidify the credibility of the project and open new doors of opportunity for the developing team to further grow the ecosystem and investors are reacting positively to them as indicated by the latest positive performance of the MATIC token.
What is Polygon?
Polygon (MATIC) is an Ethereum scaling solution that has been designed to promote the adoption of the smart contract blockchain by resolving some of its most relevant issues.
This sidechain is currently used by over 145,000 contract creators and has processed over 1.8 billion transactions since its mainnet was launched. In addition, Polygon is powered by a proof-of-stake (PoS) protocol – an eco-friendlier consensus mechanism that allows token holders to participate in the mining process and earn rewards in the process.
Polygon claims to have saved over $140 million in gas fees that would have been otherwise spent if developers and users resorted to the Ethereum mainnet to process these transactions.
Some notable milestones for the project include the adoption of its blockchain by Instagram – yes, the almighty social media app – for displaying non-fungible tokens (NFTs), a partnership with Adidas and Prada to launch their NFT collection, and the support of a crypto payments platform launched by Stripe.
Polygon Price Prediction (2022)
From a technical perspective, this is an interesting area for MATIC’s price action as it coincides with a horizontal support from June 2021. At this point, any move above the $0.80 threshold may confirm a short-term bullish outlook and an upcoming potential trend reversal.
Momentum indicators are favoring this scenario as the Relative Strength Index (RSI) is standing at its highest level since March while the MACD has moved to positive territory and remains above the signal line.
Moving forward, if a rally does occur, the 200-day simple moving average would be the next resistance to overcome. However, if the price rises to that level, that would result in gains of over 100% in a relatively short period.
According to estimates from Wallet Investor, the near-term outlook for MATIC is bullish all the way. The algorithm’s baseline Polygon price prediction is currently standing at $0.73 for the next 14 days resulting in a 16% upside potential if that target is hit.
Meanwhile, predictions from Gov.Capital are pointing to a positive short-term outcome as well as the price is expected to rise to $0.75 per coin within the same period resulting in a similar upside potential.
Tokens like MATIC are quite promising but other are also shining despite the latest turmoil in the market as is the case of Battle Infinity (IBAT) – a play-to-earn (P2E) whose prospects resemble those of Axie Infinity years ago. Find out more about this project in its official Telegram group.
Other Related Articles:
- 10 Best Altcoins to Invest in 2022
- Top Upcoming NFT Projects in 2022
- These Are the 10 Most Expensive NFTs Ever Sold
Battle Infinity - New Metaverse Game
- Listed on PancakeSwap and LBank - battleinfinity.io
- Fantasy Sports Themed Games
- Play to Earn Utility - IBAT Rewards Token
- Powered By Unreal Engine
- Solid Proof Audited, CoinSniper Verified