Polygon Price Prediction, will MATIC’s price hit $1.61?
Polygon’s price at the same time last week was $0.76. It has moved by 7.69 % in the past week and is currently at $0.79. Infact, in the past 24 hours, MATIC has dumped by -3.92 %. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and MATIC could hit $1.61 in 2024.
The total circulating supply of Polygon as of writing this article was $9275188724.13 and the marketcap of MATIC remains at $7,331,882,213
Disclaimer
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
About Polygon
Polygon (MATIC): An overview
Source: Polygon.technology
Polygon (MATIC) is a Layer 2 scaling solution for Ethereum-compatible blockchain platforms. Its primary goal is to provide developers with tools to create high-performance, low-cost, and adaptable decentralized applications (dApps).
Here are the key features and details about Polygon:
Scalability: Polygon uses a combination of Proof-of-Stake (PoS) and Plasma chains to enhance the transaction throughput, making it feasible for dApps to handle more transactions per second than on the Ethereum mainnet.
Interoperability: Polygon is designed to support various scaling solutions such as Proof-of-Authority (PoA), PoS, sidechains, and other stand-alone chains. This means dApps can be built in multiple ways, depending on their requirements.
Security: While the Polygon sidechains can have their security, they can also leverage the security of the Ethereum mainnet if needed. This is particularly useful for dApps that need the decentralization and security guarantees of Ethereum.
Modularity: Polygon's framework is designed to be modular, allowing developers to customize their scaling solutions according to their needs.
Developer experience: Polygon aims to offer a seamless experience for developers. It supports the Ethereum tooling and environment, so developers who are familiar with Ethereum can easily migrate or develop dApps on Polygon without much overhead.
Adoption: Due to its scalability solutions, many projects started integrating or migrating to Polygon to tackle Ethereum's high gas fees and slower transaction times, especially during periods of congestion.
The MATIC token (soon to be POL) is the native utility token of the Polygon network. It is an ERC-20 token and is used for various purposes:
- Paying transaction fees on the network.
- Participating in the PoS consensus process as a staker.
- As a governance token to vote on Polygon Improvement Proposals (PIPs) related to network upgrades and changes.
At present, there are 9,299,803,031 MATIC tokens in circulation out of a maximum supply of 10,000,000,000 MATIC tokens.
Polygon ecosystem
Source: Polygon.technology
Here are the core solutions offered by the Polygon network.
Polygon PoS
This is Polygon's mainnet, which is an Ethereum commit-chain using a PoS consensus mechanism. Validators participate by staking MATIC tokens to secure the network, and in return, they get rewards.
Being a commit chain (or sometimes called a sidechain), the Polygon PoS chain processes transactions and then periodically commits a summary or checkpoint to the Ethereum mainnet. This provides faster and more affordable transactions than directly using the Ethereum mainnet.
The Polygon PoS network is structured with three distinct layers:
- Ethereum layer: This consists of specific contracts deployed on the Ethereum mainnet.
- Heimdall layer: This involves the PoS Heimdall nodes that operate alongside the Ethereum mainnet. Their role is to oversee the staking contracts on the Ethereum mainnet and to record the Polygon Network checkpoints back to the Ethereum mainnet. The foundation for Heimdall is Tendermint.
- Bor layer: This is composed of Bor nodes responsible for producing blocks. Their arrangement is determined by the Heimdall nodes. The Bor layer is built upon Go Ethereum.
Polygon zkEVM
The zkEVM is Polygon's zero-knowledge scaling solution that mirrors the Ethereum Virtual Machine (EVM). Due to this equivalence with EVM, the majority of current smart contracts, developer tools, and wallets that operate on Ethereum can function on Polygon's zkEVM without any significant changes.
Polygon chain development kit (CDK)
Similar to a software development kit (SDK) in software development, the Polygon CDK is a toolkit that allows developers to build Layer 2 solutions using zk proofs, enabling efficient scaling while maintaining security.
Joining this ecosystem integrates users into a unified blockspace with increased transaction capacity.
Polygon Miden
Miden is optimized for zk-friendliness, fully leveraging zk proofs. Unlike zkEVM, which aims for EVM compatibility, Miden focuses on zk-specific features, offering opportunities not found in traditional account-based systems.
Its state model allows developers to build applications more efficiently than on conventional platforms.
Polygon ID
Polygon ID is a solution focused on decentralized identity. This system allows users and dApps to interact securely and trustworthily.
Following the principles of self-sovereign identity, users maintain complete control over their personal data and identity without relying on centralized authorities or intermediaries.
Additionally, by upholding the principle of "privacy by default," Polygon ID ensures that user data remains confidential, shared only when users choose to, which aligns with the wider ethos of decentralization and individual sovereignty.
Polygon’s journey
Source: Polygon.technology
Polygon was originally introduced as Matic Network in 2017. Matic Network started with the vision of solving scalability issues prevalent in the Ethereum network by introducing a Layer 2 scaling solution.
The early founders of Polygon were:
- Jaynti Kanani
- Sandeep Nailwal
- Anurag Arjun
- Mihailo Bjelic
Here’s a brief history of the network:
- By February 2021, the Matic Network had rebranded and was now known as Polygon.
- During an April 2019 token sale, the Polygon team successfully raised $5.6 million in Ethereum by selling 1.9 billion MATIC tokens over a 20-day period.
- In July 2022, Polygon unveiled the zkEVM.
- In October 2022, the zkEVM rollup was made available on the public testnet.
- By March 2023, the zkEVM mainnet beta went live.
- In January 2023, Polygon carried out a mainnet hard fork to manage gas fluctuations and to streamline block transaction finality.
- In April 2023, the Polygon bridge for zkEVM was introduced.
The road to Polygon 2.0
Source: Polygon.technology
In June 2023, the network unveiled its vision for Polygon 2.0 as being the “value layer of the internet.” Polygon 2.0 is a proposed set of enhancements that aim to transform the Polygon ecosystem, creating a network of interconnected zk-powered Layer 2 chains.
The official implementation officially began on September 14, 2023, with the first set of PIPs being released:
PIP-18: Polygon 2.0 Phase 0
- Token transition: The switch from MATIC to POL will begin. This includes changing the native token used for gas and staking on the Polygon PoS chain to POL.
- Staking layer launch: A pivotal update, this feature will see Polygon public chains start leveraging the staking layer.
- Minimal disruption: The key to this phase is ensuring minimal disruption, as no actions will be required from users and developers on current Polygon PoS and zkEVM chains.
PIP-17: POL token
- Introduction of POL: POL is set to replace MATIC with a one-to-one migration rate. With an initial supply set at 10 billion, a yearly emission rate of 2% will be divided equally between validator staking rewards and a community treasury.
- More than just a token: POL is not just a replacement for MATIC. It's designed to serve as the backbone for the new zk-based Layer 2 chains, offering staking options, community ownership, and a new governance model.
PIP-19: Transitioning to POL as the native token
- Smooth transition: The main goal here is to change the native token on the Polygon PoS from MATIC to POL while maintaining maximum compatibility. This means the native MATIC Bridge Contract will be updated.
- Unchanged functionality: Even though the underlying token will change, there will be no change in the actual contracts on Polygon PoS, preserving continuity and reliability for developers and users.
- Potential impacts: Ethereum contracts that expect MATIC from the native MATIC Bridge may need modifications or considerations due to the switch to POL.
MATIC Price Analysis
From October 2022 to October 2023, MATIC, like many other digital assets, underwent significant price fluctuations. Bulls and bears were seen in a tug of war, leaving the price trading at $0.56 by the end of the analyzed period.
MATIC weekly chart
MATIC started its year-long journey with a stable base, using the $0.76 price point as solid support. Its initial climb was ambitious, aiming to breach the $1.09 resistance.
Following a minor setback, the bullish forces rallied in 2023 and finally managed to overcome the $1.09 resistance, touching a yearly high of $1.48. Unfortunately, this success was short-lived.
A bearish momentum set in, pushing the token's price down until the once-broken resistance of $1.09 transformed back into a formidable barrier. The persistent bearish sentiment culminated in MATIC's plunge to its lowest support level of $0.50 by the end of the analysis period.
Throughout the year, trading volume for MATIC predominantly remained average. However, November 2022 stood out as an exception when a notable surge in trading volume, totaling 2.03 billion, was observed. Interestingly, this surge was succeeded by a short-lived price drop, suggesting a potential sell-off.
The Moving Average Convergence Divergence (MACD) effectively showcased the war between the buyers and the sellers. The MACD line began its journey above the signal line, and both started their ascent in the beginning.
By January 2023, they successfully moved above the zero line. February witnessed the MACD line peaking at 0.0973, aligning with MATIC's rally to its highest resistance. Unfortunately, a downward trend was initiated shortly after.
By April, the MACD had fallen below the signal line, and by May, it plunged below the zero line. The signal line soon mirrored this descent, crossing below the zero line in June 2023. As of the end of the analysis, the MACD and signal line values stood at -0.1037 and -0.1024, respectively, with a near-zero histogram value of -0.0013.
The On-Balance Volume (OBV) generally mimicked MATIC's price action throughout the period under review. In 2023, it displayed a pronounced rise from its lowest point. Yet, after achieving three consecutive peaks, the OBV began a declining trend in April 2023. This downward movement persisted, resulting in progressively lower troughs up until the end of our analysis period.
Should you consider buying MATIC?
Polygon has seen significant developments recently, with USD Coin (USDC) set to launch on its PoS chain and Google Cloud joining as a validator. While these are promising updates, MATIC's market indicators have shown mixed trends, with prevailing bearish sentiments of late.
It's advisable for potential investors to await strong bullish signs before considering a purchase, ensuring a strategic entry point in the asset's trajectory.
Polygon Price Prediction
Polygon has had an eventful 2021. To simplify the latest MATIC price prediction, we have divided up the prediction by short term Polygon price prediction and long term Polygon price prediction. As of writing this article, MATIC had a trading volume of 567,714,012. Polygon has gone up by 16.00% in the past 30 days.
According to our analysis in the short term, Polygon price prediction for February 2024 shows the average price of MATIC at 1.38 and the highest possible price for February 2024 would be $1.48.
Further, according to our analysis in the long term, Polygon price prediction for June 2024 shows the average price of MATIC at 1.53 and the highest possible price for June 2024 would be $1.64.
Polygon's Short Term Price Prediction
| Date | Avg Price | Lowest Price | Highest Price |
| 6 December 2023 | $0.85 | $0.79 | $0.91 |
| 7 December 2023 | $0.87 | $0.81 | $0.93 |
| 8 December 2023 | $0.88 | $0.82 | $0.94 |
| 9 December 2023 | $0.89 | $0.82 | $0.95 |
| 14 December 2023 | $0.96 | $0.9 | $1.04 |
| 19 December 2023 | $1.04 | $0.96 | $1.11 |
| 29 December 2023 | $1.17 | $1.09 | $1.25 |
Polygon price prediction 6 December 2023: Polygon's price for 6 December 2023 according to our analysis should range between $0.79 to $0.91 and the average price of MATIC should be around $0.85.
Polygon price prediction 7 December 2023: Polygon's price for 7 December 2023 according to our analysis should range between $0.81 to $0.93 and the average price of MATIC should be around $0.87.
Polygon price prediction 8 December 2023: Polygon's price for 8 December 2023 according to our analysis should range between $0.82 to $0.94 and the average price of MATIC should be around $0.88.
Polygon price prediction 9 December 2023: Polygon's price for 9 December 2023 according to our analysis should range between $0.82 to $0.95 and the average price of MATIC should be around $0.89.
Polygon price prediction 14 December 2023: Polygon's price for 14 December 2023 according to our analysis should range between $0.9 to $1.04 and the average price of MATIC should be around $0.96.
Polygon price prediction 19 December 2023: Polygon's price for 19 December 2023 according to our analysis should range between $0.96 to $1.11 and the average price of MATIC should be around $1.04.
Polygon price prediction 29 December 2023: Polygon's price for 29 December 2023 according to our analysis should range between $1.09 to $1.25 and the average price of MATIC should be around $1.17.
Polygon's Long Term Price Prediction
Polygon’s long term Price Prediction below is a look at MATIC’s future prospect with regards to price. Polygon was last seen at $0.79, with a market cap of $7,331,882,213 and trading volumes of $567,714,012. MATIC’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
| Years | Avg Price | Lowest Price | Highest Price |
| 2024 | $1.35 | $1.08 | $1.61 |
| 2025 | $1.79 | $1.43 | $2.15 |
| 2026 | $2.38 | $1.90 | $2.86 |
| 2027 | $3.17 | $2.53 | $3.80 |
| 2028 | $4.21 | $3.37 | $5.05 |
| 2029 | $5.60 | $4.48 | $6.72 |
| 2030 | $7.45 | $5.96 | $8.94 |
| 2031 | $9.91 | $7.92 | $11.89 |
| 2032 | $13.17 | $10.54 | $15.81 |
| 2033 | $17.52 | $14.02 | $21.03 |
Polygon price prediction 2024: Polygon's price for 2024 according to our analysis should range between $1.08 to $1.61 and the average price of MATIC should be around $1.35.
Polygon price prediction 2025: Polygon's price for 2025 according to our analysis should range between $1.43 to $2.15 and the average price of MATIC should be around $1.79.
Polygon price prediction 2026: Polygon's price for 2026 according to our analysis should range between $1.90 to $2.86 and the average price of MATIC should be around $2.38.
Polygon price prediction 2027: Polygon's price for 2027 according to our analysis should range between $2.53 to $3.80 and the average price of MATIC should be around $3.17.
Polygon price prediction 2028: Polygon's price for 2028 according to our analysis should range between $3.37 to $5.05 and the average price of MATIC should be around $4.21.
Polygon price prediction 2029: Polygon's price for 2029 according to our analysis should range between $4.48 to $6.72 and the average price of MATIC should be around $5.60.
Polygon price prediction 2030: Polygon's price for 2030 according to our analysis should range between $5.96 to $8.94 and the average price of MATIC should be around $7.45.
Polygon price prediction 2031: Polygon's price for 2031 according to our analysis should range between $7.92 to $11.89 and the average price of MATIC should be around $9.91.
Polygon price prediction 2032: Polygon's price for 2032 according to our analysis should range between $10.54 to $15.81 and the average price of MATIC should be around $13.17.
Polygon price prediction 2033: Polygon's price for 2033 according to our analysis should range between $14.02 to $21.03 and the average price of MATIC should be around $17.52.
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FAQs about Polygon
Polygon’s current price is $0.79 and witnessed a -3.92% decrease in the past 24 hours. MATIC/BTC pair saw a -4.31% decrease in the past 24 hours
Investing in Polygon, MATIC will purely depend on your personal risk appetite. As you can see over the past 24 hours Polygon’s price has witnessed a -3.92% decrease and over the past 30 days Polygon has increase by 16.00%. So it all depends on if this investment will hit your trading goals.
According to our latest Polygon Price prediction for 2023, MATIC should vary between $1.38 and $0.92. Please keep in mind that the crypto market is very volatile and this Polygon price prediction does not account for extreme wild swings in price.
As per the Polygon price prediction 2023 model above, MATIC’s price for December 2023 should range between $0.92 to $1.38 with the average price for December being $1.15
According to the Polygon Price Prediction model above, MATIC’s price in 2024 would be $1.35. This price would however would range from $1.61 and $1.08.
According to the Polygon Price Prediction model above, MATIC’s price in 2025 would be $1.79. This price would however would range from $2.15 and $1.43.
According to the Polygon Price Prediction model above, MATIC’s price in 2026 would be $2.38. This price would however would range from $2.86 and $1.90.
According to the Polygon Price Prediction model above, MATIC’s price in 2027 would be $3.17. This price would however would range from $3.80 and $2.53.
According to the Polygon Price Prediction model above, MATIC’s price in 2028 would be $4.21. This price would however would range from $5.05 and $3.37.
According to the Polygon Price Prediction model above, MATIC’s price in 2029 would be $5.60. This price would however would range from $6.72 and $4.48.
According to the Polygon Price Prediction model above, MATIC’s price in 2030 would be $7.45. This price would however would range from $8.94 and $5.96.
According to the Polygon Price Prediction model above, MATIC’s price in 2031 would be $9.91. This price would however would range from $11.89 and $7.92.
According to the Polygon Price Prediction model above, MATIC’s price in 2032 would be $13.17. This price would however would range from $15.81 and $10.54.
According to the Polygon Price Prediction model above, MATIC’s price in 2033 would be $17.52. This price would however would range from $21.03 and $14.02.
The highest price for Polygon was recorded in 27 December 2021 during which MATIC hit an All Time High of $2.92
The price of 1 Polygon according to current market rate is $0.79
