Polygon zkEVM’s Etrog Upgrade: MATIC Price To Hit $1 Soon?

Let's check the details of the eagerly anticipated Polygon zkEVM Upgrade and MATIC price in this price analysis.

Prasanna Peshkar

Prasanna Peshkar

January 28, 2024 8:02 AM

Polygon zkEVM’s Etrog Upgrade: MATIC Price To Hit $1 Soon?

Big news in the Polygon zkEVM universe – the Etrog Upgrade is on the way, and it’s about to turn things upside down (in a good way, of course). Imagine a world where developers can dance between Ethereum and Polygon zkEVM with a simple copy-paste move. Well, that’s what this Type 2 ZK-EVM upgrade is all about – making life easier for the devs. Let’s check the details of the eagerly anticipated Polygon zkEVM Upgrade and MATIC price.

In an exciting development, Polygon zkEVM has dropped hints about an upcoming upgrade that promises to redefine the landscape for developers working with smart contracts. 

Dev Magic: One-Click Compatibility with Ethereum

Picture this: you’ve got your killer code on Ethereum, and now, with the Etrog Upgrade, you can just hit copy and paste it onto Polygon zkEVM. No need to tweak anything – it’s like a magic wand for developers. Making Polygon zkEVM your coding playground.

The Etrog upgrade introduces five new pre-compiled smart contracts and brings innovative approaches to processing transaction batches.

As stated in the announcement, the Etrog upgrade expands support for five precompiled smart contracts: ecAdd, ecMul, ecPairing, Sha256, and modexp. This means that existing decentralized applications (dApps) utilizing these pre-compiles can seamlessly deploy on the network without the need for any modifications.

Polygon emphasizes in the shared note that, once the upgrade goes live, end users can rest easy as no adjustments will be required on their part. All functions within the Polygon zkEVM protocol will continue to operate as usual, ensuring a smooth and uninterrupted user experience.


MATIC Price: Etrog’s 10-Day Timelock is a Go

The Etrog upgrade has set a 10-day timelock in motion. It’s like the final countdown before the grand unveiling of a tech masterpiece. 

Before the big show on the mainnet, devs get a sneak peek on the Cardona testnet. It’s like the backstage pass to ensure everything’s rockin’ before the curtains rise. Cardona, anchored to Sepolia, is where the devs test out the Etrog upgrade. 

How to Connect?: Guide to Cardona

Ready to dive into Cardona? Here’s your treasure map:

For the regular Polygon zkEVM users, here’s the inside – once the Etrog upgrade hits the mainnet stage, you can keep doing your thing. 


Will MATIC Price Hit $1 Soon?

So, Polygon is making a splash in the crypto pool with its current price chilling at $0.7987. Talk about a wild ride – it’s got a trading volume of $563.63 million in just 24 hours! This crypto wonderland is worth a whopping $6.39 billion, holding its ground with a 0.39% market dominance. And guess what? MATIC price pulled off a cool 5.15% spike in the last 24 hours. 

Let’s rewind a bit. On December 27, 2021, Polygon was hitting an all-time high of $2.91. Fast forward to May 9, 2019 – rock bottom at $0.003049. But the ride didn’t stop there. Post-peak, the lowest price hit $0.322074, and during a peak moment, MATIC soared to $1.559350. 

Checking the vibes, the Polygon price prediction is all neutral with the Fear & Greed Index at a cool 54 (Neutral).

Now, let’s talk tokens. Polygon proudly flaunts 8.01 billion MATIC out of a max supply of 10.00 billion. That’s a flex! It’s killing it as #8 in Proof-of-Stake Coins, #4 in Ethereum (ERC20) Tokens, and the ultimate champ at #1 in the Layer 2 sector. 

The Moving Average Convergence Divergence (MACD) paints a compelling narrative with its unwavering green histogram, spelling out a bullish sentiment in the crypto markets. The consistent rise in averages adds another layer of optimism, projecting a sustained uptrend for the MATIC price in the imminent future. Eyes are glued to the support level at $0.7579; should the bulls fortify their position here, an impending challenge of the $0.8268 resistance level seems inevitable. 

The stakes are high as the Polygon token gears up for a potential ascent towards its upper resistance frontier at $0.8893. However, in the unpredictable ebb and flow, if the bears assert dominance, the MATIC price could witness a setback, testing crucial support at $0.7025, and in a more extreme scenario, brace for a plunge towards the lower support echelon at $0.6501. The crypto arena remains a battleground for these contrasting forces, making every move a pivotal chapter in this ongoing saga.

Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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