Polygon, a significant player among Layer-2 blockchain networks, was performing at its peak about two years ago. However, after this period, a significant decline began, and today it operates in a completely different scenario. After being among the top 20 cryptocurrencies for a long time and then falling out of this level, Polygon has recently reentered the top 20 with a market value exceeding $5.3 billion. MATIC has surpassed Litecoin and many other popular cryptocurrencies and is currently ranked 19th.
Polygon (MATIC) Comments
Looking back, Polygon (MATIC) showed its best performance on December 27, 2021. On this date, the price reached an all-time high of $2.92. However, the lack of significant upward movement since then has raised many questions.
On the other hand, in the past seven days, parallel to the market news flow, MATIC’s price performance has been quite promising, reaching $0.5511, the highest level in a month. It is currently trading at $0.5473 after a 33% fluctuation. Meanwhile, the fear and greed index, which reflects investors‘ sentiments, shows neutrality for MATIC, indicating slow movement despite one of the highest market fluctuations currently.
The Future of Polygon (MATIC)
Significant developments are also happening on the Polygon front. Recently, it seems another one will be added to these. Now, attention is on MATIC’s transition to POL, a major innovation initiative aimed at increasing liquidity and usability, which also affects whale activities. This transition is expected to support the asset in gaining a new appearance or rebranding and contribute to its market demand.
Additionally, Binance and Coinbase, two of the world’s most popular crypto exchanges, have announced their support for MATIC’s transition to POL, which has led to a rise in Polygon’s price.
Market analysts suggest that if conditions continue as they are, a price movement towards $0.7 could occur. If Polygon’s price surpasses the resistance at $0.5545, it may gain upward momentum again.
