On Tuesday, January 2, the price of Polygon (MATIC) reached a peak of $1.03, marking the third consecutive day in which the bulls successfully surpassed the $1 threshold. Analysis of on-chain data trends suggests that the recent collaboration with Chainlink (LINK) has significantly contributed to the continued upward momentum in MATIC prices. With the ongoing increase in Polygon Network’s Funded Addresses, there arises speculation about the potential for MATIC’s price to surge to $5. Let’s take a look at this in MATIC price prediction 2024 article in more detail.
How has the MATIC Price moved in recent days?
As of now, the price of Polygon (MATIC) stands at $0.8733, accompanied by a 24-hour trading volume of $ 1.08B, a market capitalization of $ 6.24B, and a market dominance of 0.38%. Over the past 24 hours, the MATIC price has experienced a notable decrease of -23.06%.
On December 27, 2021, Polygon reached its highest price of $ 2.91, marking its all-time high, while its lowest recorded price occurred on May 9, 2019, at $ 0.003049 during its all-time low. The subsequent lowest price since its all-time high was $ 0.322074 (cycle low), with the highest MATIC price since the last cycle low reaching $ 1.559350 (cycle high). Currently, the sentiment for Polygon’s price prediction is neutral, while the Fear & Greed Index indicates a reading of 70 (Greed).
Polygon’s circulating supply presently amounts to 8.01B MATIC out of a maximum supply of 10.00B MATIC. In terms of market cap, Polygon holds the #8 position in the Proof-of-Stake Coins sector, is ranked #3 in the Ethereum (ERC20) Tokens sector, and holds the #1 position in the Layer 2 sector.
Could MATIC experience a significant surge in price in 2024?
Between mid-November and mid-December, MATIC witnessed a negative price trend, lagging behind the broader altcoin market’s momentum. While cryptocurrencies like Avalanche (AVAX) and Solana (SOL) experienced triple-digit percentage gains, MATIC’s price underwent a notable decline of 25%, dropping from $0.98 to $0.72 between November 14 and December 14.
However, this downward trend swiftly reversed on December 14 following a crucial announcement by the Polygon team. The revelation involved a significant partnership wherein Chainlink (LINK) data feeds would be integrated into the Polygon ZkEVM protocol. This strategic collaboration with Chainlink enables decentralized finance (DeFi) applications to access crucial offline price data, as highlighted by Polygon’s co-founder, Sandeep Nailwal.
Can the MATIC price reach $5?
Although achieving an all-time high (ATH) of $2.92 in the near term may be ambitious, the current momentum of Polygon (MATIC) indicates the potential for substantial gains. It is conceivable that the MATIC price could reach $1.42, particularly in the short term, given the prevailing bullish momentum.
The ongoing upward trajectory of Polygon’s Funded addresses is a strong indication that MATIC continues to enjoy a consistent demand, potentially propelling it to higher price levels in the coming days.
The chart underscores that MATIC is encountering minimal resistance on its path to reclaiming $1.42. Notably, 63,950 addresses that acquired 547,840 MATIC at an average price of $1.10 present the most significant resistance above current prices. If the bullish momentum can capitalize on the influx of fresh capital, there is a likelihood that MATIC’s price will surge towards the $1.42 to $1.57 range.
The projection for Polygon (MATIC) anticipates a trading range between $ 0.987088 and $ 3.40. Should MATIC manage to attain the upper end of this forecasted range, it would signify a substantial increase of 295%, ultimately reaching a value of $ 3.40. This forecast presents a scenario where MATIC could experience significant positive momentum.
How to Buy Polygon (MATIC)?
Bitget offer a secure and straightforward way to purchase MATIC. Bitget is known for its robust security and user-friendly interface, making it an ideal choice for both new and experienced traders. To buy Polygon on Bitget, simply create an account, complete the necessary KYC procedures, deposit funds, and start trading.