New Delhi (Yerevan) — Cryptocurrency markets suffered their worst crash in over a year on May 19. As the markets recover, some of the coins have started providing better price rebounds than the others. Polygon(MATIC) is one altcoin that has outperformed all other cryptos in this run.
Between May 23 and May 26, MATIC prices rose by almost 231% to reach $2.449. It then corrected to $1.509 before gaining momentum and rising to $1.976. Overall, the cryptocurrency has recovered by almost 90% from the day of the crash. Its recent high was only 9.26% lower than its ATH of $2.700.
Trends Predicting Bullish Run
Even post-crash, analysts speculate a bright future for MATIC.
Analytical sources like wallteinvestor predict the coin’s price to reach $8.96 by end of 2021. Digitalcoinprice predicts Polygon prices will increase steadily over the next few years and reach $9.41 by 2028. While the predicted prices may vary, the consensus remains the same — MATIC will rise. Recent trends of cryptocurrency do seem to forecast a bullish rally.
Crypto investor and analyst Limbo speculates MATIC prices will rally upwards. The price chart for the coin shows it trending inside a symmetrical triangle pattern. A series of sequential peaks and troughs create the structure that gives out two converging trend lines. It indicates a potential breakout or breakdown in prices in the coming sessions.
If preceded by a bullish rally, this chart pattern forecasts a price rise. That prompted Limbo to anticipate an upside breakout ahead.
What Has Led To MATIC’s Meteoric Rise
MATIC rebranded itself as Polygon in February this year. The firm has enjoyed favorable sentiments from investors for several reasons. Polygon is a framework for building and connecting Ethereum compatible blockchains. As such, the rising popularity of Ethereum has provided momentum to MATIC as well.
Google Cloud recently included Polygon blockchain in its marketplace. So now, users can view Polygon’s datasets using Google Cloud’s BigQuery tool. It will help analysts, data scientists, etc. derive useful insights from the blockchain. The announcement provided a boost for Polygon.
Many DeFi platforms made a switch to Polygon as well. It began with crypto lending platform Aave expanding to Polygon. Other DeFi platforms like Curve, mStable also followed suit. The reason for the change was scaling issues and high transaction fees in Ethereum. This increased Polygon’s valuation.
Another good news for Polygon’s MATIC is the recent investment by billionaire investor Mark Cuban. The Dallas Mavericks owner was once a crypto skeptic before becoming a vocal supporter. He also announced his NBA team would continue accepting Bitcoin. In a series of tweets, he also emphasized the importance of network effects.
Polygon has seen tremendous growth in the past month. However, the important thing here is that this growth is based on solid fundamentals. With all this momentum, it looks evident that Polygon will certainly keep rising.