Polygon (MATIC) price has registered an intense bullish stride seen the past couple of weeks. The coin’s upcoming merge with Ethereum seems to have triggered the rebound.
MATIC price is hugely bullish ramming to a high of $0.9075, which is a little under July’s ATH seen at $1.01. MATIC has spiked by more than 190% compared to the lowest level figure registered in July which hauls its total market capitalization to a little above $6.7 billion.
Polygon Making Solid Ties
Polygon is a revolutionary layer-2 cryptocurrency scaling solution with an aim to amplify applications built in the Ethereum network. Polygon is able to scale a plethora of applications by processing the transactions outside of Ethereum network.
It is said to process 65,000 transactions per second and boasts of low transaction fees. Popular DeFi tokens built on Polygon’s ecosystem include SushiSwap, Uniswap, Curve, and Aave.
Polygon has also closed partnerships will Walt Disney for its 2022 Disney Accelerator Program, Disney for exploring AI, AR, and NFTs, and also most recently with Reddit with their upcoming launch of Collectibles Avatar NFT marketplace. More so, they also had partnerships with Stripe and Twitter.
Around 48 Terra projects also migrated to Polygon following its dismal implosion including Derby Stars and OnePlanet.
MATIC has registered a TVL amounting to $1.85 billion which is comparatively lower from its ATH of over $6 billion.
Source: TradingView.com
MATIC’s 4-Hour Chart Shows A Bull Run
MATIC’s four-hour chart clearly shows that the price is going for a bull run in the past couple of weeks which carved into an ascending channel pattern in green. Currently, MATIC price is seen to surge above both the 25-day as well as the 50-day moving average with the RSI shifting above the neutral zone.
With that in mind, MATIC is seen to rise as the bulls are eyeing the next key resistance at $1.50; inching below the support zone of $0.8500 will debunk the bullish standpoint.
Polygon price has surged aggressively in the past couple of weeks following the announcement of a merge with Ethereum which is said to happen in September.
Analysts are confident that majority of developers will choose to stay on Ethereum which is proven to be incredibly faster compared to other networks.
Following its recent rally, Polygon is now dubbed as the 13th largest crypto in terms of market cap with a value tagged at $7 billion, outpacing Shiba Inu and Avalanche.
Crypto total market cap at $1.04 trillion on the daily chart | Source: TradingView.com Featured image from Cryptopolitan, chart from TradingView.com