Polygon Price Prediction, will MATIC’s price hit $2.10?
Polygon’s price at the same time last week was $1.15. It has moved by -6.32% in the past week and is currently at $1.12. Infact, in the past 24 hours, MATIC has dumped by -4.50%. 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 $9080469069.28 and the marketcap of MATIC remains at $10,126,526,494.
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.
What is Polygon?
Founded in 2017, Polygon MATIC is a "layer 2" or a "sidechain" scaling solution that runs alongside the Ethereum blockchain by paving a path for speedy transactions and low fees.
The Ethereum blockchain powers the Polygon platform and makes it easier for developers to build on a large scale without worrying about high gas fees. On the contrary, such a sidechain also makes it feasible for the users to undertake smaller transactions that otherwise would've been impractical on the Ethereum blockchain.
Thus, using the Polygon platform can increase the flexibility and scalability of a blockchain project without compromising on the security, interoperability, and structural benefits of the Ethereum blockchain.
Polygon uses a Proof-of-Stake (PoS) consensus mechanism for its chain. To participate in the consensus process on the MATIC Network, users are required to stake MATIC tokens as an indication of the user's commitment to the process.
Polygon's sustainability goals delineated its path to becoming ‘Carbon-negative’ in 2022 itself and climate positive beyond that. Polygon has already hit its first milestone by achieving Network Carbon Neutrality.
MATIC is an Ethereum token used to govern and secure the Polygon network by 'staking' and to pay network transaction fees. Basically, It's the currency of Polygon apps that enables users to interact with hundreds of dApps involved in its ecosystem.
The ongoing bear market pulled MATIC all the way down to $0.316 on 18 June 2022 and matched its 15-month lows. The $0.34-mark then reignited the bullish pressure over the last few months. The resulting gains have helped MATIC reclaim the $0.78 level. However, a question arises to determine whether or not this rally is enough to sustain MATIC's run in the coming times.
Let's take a deeper look into some of the updates within the MATIC ecosystem to help us gauge the altcoin's sentiment in a more informed manner.
MATIC's road ahead
As per Polygon's report on 10 August, more than 37,000 decentralized apps (dApps) have been built on Polygon. That’s almost double the number in March and a fourfold increase since the start of the year.
The network's infrastructure is attracting more and more developers as it clocks in a significant hike of dApps on a month-to-month basis. These factors would ultimately increase the Daily Active Users and Total Value Locked in the coming times.
To top this off, Tether launched its stablecoin USDT on Polygon in May 2022. Soon after, Circle announced its support for Polygon USDC in June. This decision will bring Tether and USDC's utility to thousands of dApps running on the blockchain.
In July, the British consumer tech start-up Nothing is officially integrating Polygon into its ecosystem of products to unlock Web3 access. The Polygon-Nothing partnership is marked by the launch of Nothing’s non-fungible token (NFT) loyalty program.
Interestingly, Meta's inclusion of polygon-based NFTs on Instagram could play out to be huge for MATIC in the coming weeks and months.
Also, Reddit launched its new 'Collective Avatar' NFTs that are minted on Polygon. This further reaffirms the network's increased popularity and trust amongst the top social media platforms.
As per Polygon Insights-August, the network recorded the highest sales volume ($1.97 Billion, +443%) since March 2022, boosted by the NFT drops in the last month. With nearly 30 million mints, August had the highest mint events and NFT transactions on Polygon since November 2021.
On July 20, 2022, Polygon Network unveiled zkEVM, the latest addition to its stack of solutions.
zkEVM (an abbreviation for “zero-knowledge Ethereum Virtual Machine”) is a second-layer scalability protocol on top of Ethereum. This would mean that it is designed to make the operations of Ethereum dApps faster and cheaper without compromising its decentralization and security.
One of the primary redefining advantages of zkEVM lies in the elimination of the need to modify code before moving from L1 to L2. This would make pave a path for a seamless migration to and from the Ethereum network.
Impact of Ethereum's Merge
While Ethereum successfully deploys its final network's test before the Merge, the largest altcoin has set the stage for the final upgrade. This change towards the Proof-of-Stake system would ultimately make the MATIC scaling solutions more environment-friendly.
Also while Ethereum's processing speed and transaction costs are not yet expected to improve drastically, Polygon's utility would likely continue to surge in the coming months. These circumstances could further inflate users' activity in the network and ultimately attract more institutional interest.
Factoring in the impact of these updates, MATIC might reveal its underlying capability to cross the $1 barrier in the coming sessions.
MATIC Price Analysis
The recent buying spree from the $0.34 support was quite impressive, one that breached beyond the constraints of the weekly 20 EMA (blue). In the meantime, MATIC formed an ascending channel in this timeframe.
MATIC Weekly Chart
Despite a patterned breakdown, the immediate support levels have kept the selling pressure under a near-term check. The 20 EMA alongside the $0.78 support triggered a rebound over the last few weeks.
Hereon, the buyers could aim to retest its six-week resistance at the $1.003 level. However, to reaffirm buyers' trust, MATIC needs to topple the $1.003 resistance.
A robust breach above this level could help the altcoin to test the $1.3-$1.6 level in the coming weeks/months. So, any close above the immediate barrier could hint at an entry trigger and would make the projections favorable for the end of this year.
The Relative Strength Index (RSI) continued to face rejection at the midline while depicting increasing buying pressure over the last few months.
The Chaikin Money Flow's (CMF) close above the zero mark has resonated with the increasing buying edge on the weekly chart. Alas, any reversals on this indicator would confirm a bearish divergence with price. So, investors are advised to look for potential reversals below the zero level to gauge the chances of a bullish invalidation.
Should you consider buying MATIC?
Assessing the potentially positive effects of the Merge alongside the month-on-month growth in the front of DeFi and NFTs, investors could skew toward the bullish side. The investors should look for a close above the $1 barrier to further confirm their bias and look for potential targets as discussed above.
The broader regulations across the globe, alongside macroeconomic issues, could cause certain hiccups. Even so, the long-term prospects for the project seem rather promising.
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 $781,191,608. Polygon has gone down by -24.91% in the past 30 days.
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 $1.12, with a market cap of $10,126,526,494 and trading volumes of $781,191,608. 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|
Polygon price prediction 2023: Polygon’s price for 2023 according to our analysis should range between $1.40 to $2.10 and the average price of MATIC should be around $1.75.
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.
Polygon price prediction 2034: Polygon’s price for 2034 according to our analysis should range between $18.64 to $27.96 and the average price of MATIC should be around $23.30.
A Historical look at Polygon, MATIC’s price:
FAQs about Polygon
Polygon’s current price is $1.12 and witnessed a -4.50% decrease in the past 24 hours. MATIC/BTC pair saw a -4.82% 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 -4.50% decrease and over the past 30 days Polygon has decreased by -24.91%. 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 $2.10 and $1.40 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.
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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.
According to the Polygon Price Prediction model above, MATIC’s price in 2034 would be $23.30. This price would however would range from $27.96 and $18.64.
The highest price for Polygon was recorded in 27th December 2021 during which MATIC hit an All Time High of $2.92
The price of 1 Polygon according to current market rate is $1.12