After the crypto market crash, most cryptocurrencies managed to consolidate for a couple of days. Today, the crypto market is up by more than 4% in the past 24 hours. Matic however managed to shoot high, gaining as much as 17% in the past day alone. Now that the crypto market is up, can MATIC reach 1 $ soon again? Let’s assess in this MATIC price prediction article.
What is Polygon (MATIC)?
Polygon is an Ethereum network scalability solution. The Ethereum blockchain was the first to implement smart contracts, making Ethereum the undisputed leader in decentralized applications. However, as the number of smart contracts has grown, Ethereum has struggled to make transactions speedy and efficient. The Polygon network was born out of this.
Polygon is a layer 2 solution that offloads the Ethereum blockchain using a second level and many sidechains. Polygon’s so-called “plasma chains” are particularly crucial. These Ethereum sidechains take the smart contracts off the Ethereum network. If necessary, developers of decentralized applications and smart contracts might outsource their labor to the Polygon network. This addresses Ethereum’s scalability issues.
MATIC Price shoots 50%! Why is MATIC up?
MATIC reached an all-time high price of $2.9 when its prices started to crash alongside the crypto market at the beginning of 2022. Prices crashed badly, reaching a low of $0.35 as of last week and losing more than 88%. However, when the crypto market started to recover, MATIC managed to reverse the downtrend. Prices went up from $0.35 to the current psychological price of $0.60.
MATIC Price Prediction – Can MATIC reach 1 $ soon?
Now that MATIC prices retraced more than 50% in the past week, we need to assess whether this uptrend will continue. Given that MATIC breached the strong support of $0.56 higher, we can safely assume that this price would become a strong support area. We might witness a brief consolidation in prices between $0.56 and $0.70, and prices did that previously between May and June 2022. If prices manage to break the upper resistance of $0.70 higher, the reach of 1 $ would be imminent given that the crypto market is also recovering and on its uptrend.
However, we might expect a slight adjustment lower towards $0.50, but prices should manage to pull back upwards.
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