Polygon was the talk of the town back in 2021. This blockchain seemed like a promising alternative to Ethereum. Many crypto projects already started using the Polygon blockchain to run their Dapps. MATIC price soared from below 1$ all the way to reach the all-time high price of 2.8$ as further adoption increased. Today, the prices of MATIC look attractive again after some consolidation. Can MATIC price reach 3$ soon? In general, the entire crypto market seems to be somewhat bullish. Let’s assess further in this MATIC price prediction.
What is Polygon MATIC Crypto?
Polygon is a scaling solution for the Ethereum network. The Ethereum blockchain was the first network to introduce smart contracts, making Ethereum a leader in decentralized applications to this day. However, Ethereum has struggled to keep transactions fast and efficient as the number of smart contracts has increased. This is how the Polygon network came about.
Polygon is a layer 2 solution in which a second level and numerous sidechains offload the Ethereum blockchain. The so-called “plasma chains” from Polygon are particularly important. These Ethereum sidechains offload the blockchain’s smart contracts. Developers of decentralized applications can outsource their dApps and smart contracts to the Polygon network if required. This solves Ethereum’s scaling problems.
Should you Buy MATIC below 2$?
The Matic price managed to reach the $1.33 support a few weeks ago and has already tested this area twice. As the support has now successfully served as support twice, we anticipate the price to rise next. The short-term target is around $1.69. There we are quite sure that the price will reach the resistance. After that, if the price breaks the $1.69 resistance, it could rally to $2.078. However, there could then be a somewhat stronger correction.
There is, of course, a bearish scenario that one should not lose sight of. If the Matic price breaks the current $1.33 support, which we do not expect, the price could sink even lower and challenge the next support. This is around $1.
MATIC Price Prediction – Can MATIC reach 3 $ ?
The Matic price has been correcting towards the GoldenPocket for the past few months after breaking at the 100 ext. line (first destination of the ABC sequence). With the GoldenPocket holding to date, we assume that the course will complete the current ABC sequence sooner or later. Based on this, we expect prices to be somewhere around $5 – $6 as that is where the final destination of the ABC sequence is. However, it could take some time before these prices are reached and this only accounts for the long run.
Looking at the current prices, MATIC should reach back to its previous all-time high price no doubt. However, the crypto market should be in a renewed uptrend for that to happen. No cryptocurrency will ever increase while the overall crypto market trend is down. Additionally, Ethereum should also strive higher, bringing layer-2 solutions such as Polygon higher with it. Reaching a price of 3$ should be very easy for MATIC, we just await for now the start of the uptrend.