Wednesday , February 21 2024
Home / General / Polygon MATIC Price Faces Crucial Turning Point That Could Trigger 50% Rally, Analyst Says

Polygon MATIC Price Faces Crucial Turning Point That Could Trigger 50% Rally, Analyst Says

Before proceeding, double-check your transaction details, including the amount of MATIC tokens and the recipient address (your MetaMask wallet). Confirm the transaction once you are confident that all the information is correct. Polygon is commonly referred to as the ‘Swiss Army Knife’ of Ethereum scaling solutions given the wide scope of problems they are aiming to solve. While these features are valuable, they lack the breadth and depth of Retik Finance’s offerings. Retik Finance goes beyond simple transaction processing and provides a holistic solution for managing cryptocurrency, spending it in real-world scenarios, and engaging in a diverse range of DeFi activities. In its fourth-quarter 2023 update, Chainlink outlined its three priorities for the upcoming year.

A Ledger hardware wallet saves your private keys offline and thus makes your crypto assets inaccessible for anyone except you in the event of a computer hack. Social media network Reddit is handing out swag bags to its loyal users in the form of Polygon-based “Collectible Avatars”. A new decentralized exchange has entered the market in the form of Bebop, but it launches at an uncertain time. It also fills a very important niche in blockchain scalability, and as one of the first movers in the area, it has a definite advantage over its competitors.

Polygon Fails to Break Out

This versatility empowers developers to tailor their infrastructure according to their specific application requirements, whether it is optimized scalability, privacy, or other functionalities. The Polygon Software Development Kit (SDK), launched in 2021, allows developers to launch fully customizable blockchains and decentralized applications to add to the Polygon network. Layer 2 solutions were born of https://currency-trading.org/cryptocurrencies/expanse-price-exp-price-index-chart-and-info/ this problem, solving it by abstracting transactions away from the underlying blockchain while inheriting the security of the main chain itself. There are several ways to do this, but the preferred method is with rollups. Polygon, formerly referred to as the Matic Network, is a Layer 2 scaling solution aimed at fixing the scalability problem experienced by many blockchains as adoption and use grow.

Polygon’s Layer-2 solution enhances blockchain networks’ scalability, security, and efficiency, attracting attention from various industries. For instance, in gaming, Polygon supports the creation of games like Pegaxy, and in finance, it benefits platforms like QuickSwap and Tetu. The goal of its creators is to take power out of the hands of the centralized institutions and democratize the process through peer-to-peer relationships. Moreover, a full spectrum of traditional financial services is slated to be offered to users through the blockchain. NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

  • Polygon Labs is a division of Polygon (formerly Matic Network) that focuses on developing software and tools for the Polygon ecosystem.
  • According to our data, at report time altcoins are collectively trading in the red zone.
  • Any improvements in the scalability of the Polygon network can have a positive impact on its price.
  • Additionally, a bearish divergence in the daily RSI further supports the decreased expectation.

View the total and circulating supply of Polygon, including details on how the supplies are calculated. The price of MATIC has been through some major changes – from being worth a quarter of a cent when it launched in 2019 to reach an all-time high above $0.50 in 2021. The journey wasn’t a smooth one, however, as MATIC’s volatility led to many surges and crashes along the way providing opportunities for active traders to take advantage of. It’s impossible to make price predictions with any kind of certainty as a whole host of different factors could impact MATIC’s future value. However, if more dApps are built on Polygon and adoption of the network increases, this would likely drive up MATIC’s price.

The analyst seemed uncertain about whether or not the fifth wave was just forming. He noted that a push above $94.5 would suggest that the last wave is still to come. Despite this negative MATIC price forecast, breaching the wave B high at $0.95 could trigger a substantial 50% increase, leading to the next resistance level at $1.15.

Timeline

Chainlink’s plans are  the launch of its Cross-Chain Interoperability Protocol (CCIP), the introduction of a new data solution, and the launch of functions for developers on the blockchain. Solana observed a spike in its volume between October 30 and December 19, as participants are attracted to the SOL ecosystem for the airdrops from Solana-based projects. Based on on-chain data Solana’s social dominance is close to six-month high, another sign of the project’s relevance among traders. At the time of writing, MATIC price is $0.7908, a decline of over 14% in the past week. The altcoin will likely note further price correction as on-chain metrics turn bearish. These spikes coincide with an increase in whale transactions (valued at $100,000 and higher), suggesting that large-wallet investors opted to book unrealized gains.

Polygon (MATIC) Price Fueled By Increase In Whale Activity

The MATIC token, an ERC-20 token on Ethereum, is Polygon’s native currency used for transaction fees and staking to earn rewards and participate in network governance. The sentiment in the article is generally positive, highlighting the surge in MATIC’s price, market capitalization, and support from key wallets. Its current valuation is derived from the balance of supply and demand in the markets and constantly changes. Its modular design allows developers to easily customize and adapt the SDK to suit their diverse needs, making it an ideal choice for building innovative and unique applications. The flexibility of Polygon SDK enables developers to seamlessly integrate with existing blockchain networks and take advantage of its scalability and low transaction fees. Polygon Labs is a division of Polygon (formerly Matic Network) that focuses on developing software and tools for the Polygon ecosystem.

Polygon is secured using proof-of-stake (PoS) consensus, where node validators are selected based on how many tokens they lock away. As such, holders of higher ‘stakes’ of MATIC are more likely to be chosen as validators. However, Polygon relies on the integration of various other protocols for users to see the utility. In practice, rollups build a communication channel between the main chain and the side chain, sending transaction data from the former to the latter. Using a proof-of-stake blockchain architecture and the Plasma framework proposed by Ethereum founder Vitalik Buterin, Polygon allows autonomous smart contracts to be executed easily and at scale.

Ledger Live – The companion crypto app for your Ledger devices

MATIC, a native token used to pay fees on the platform, provides holders with voting rights and governance privileges. Prominent cryptocurrencies like MATIC are available on many centralized exchanges https://cryptonews.wiki/how-to-buy-spe-spe-coin-what-is-spe-coin-and-how/ and decentralized exchanges (DEXs). CEX users compromise complete ownership over their crypto assets, as they do not have access to the private keys of the wallets holding their funds.

How to Convert MATIC to USD?

You can purchase Polygon and over 290 different cryptocurrencies in seconds with Kriptomat, learn more about how to buy Polygon. It’s available for immediate purchase at the current MATIC price quote of EUR. The live price of MATIC varies from moment to moment as it’s dictated by the balance of buyers and sellers on exchanges, which is in constant flux. You can utilize our blog’s articles and guides to expand your knowledge https://bitcoin-mining.biz/a-guide-to-crypto-arbitrage/ of the crypto space and stay updated on the latest trends and developments in the industry. Our comprehensive Polygon price chart can help you make a more accurate Matic price prediction, so you can anticipate future cryptocurrency price movements and potentially capitalize on investment opportunities. Currently, there are 4,877,830,774 Matic tokens in circulation out of a max supply of 10,000,000,000 Matic tokens.

A letter from Ledger Chairman & CEO Pascal Gauthier Regarding…

The PoS consensus mechanism offers faster block confirmation times, improved security, and reduced energy consumption. Positioned as a premier Ethereum-compatible scaling solution, Polygon offers a suite of products, including Polygon PoS, Polygon Edge, and Polygon Avail. Notably, Polygon is dedicating resources to zero-knowledge (ZK) technology to streamline the onboarding process for Web3 users. Its unwavering commitment to sustainability places it as a responsible blockchain developer and a compelling investment opportunity.

Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. MATIC’s price is based purely on trading as there is no standard global MATIC price, so no one knows what it is “supposed” to cost. The trading volume and liquidity are different for each exchange and those differences are what affects the price.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

%d bloggers like this: