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The Ethereum network has been facing great competition from upcoming networks that are offering higher scalability. One of the networks that is a major competitor to Ethereum is Polygon. The Polygon network has been gaining increased adoption because of offering low latency and higher fees. Its MATIC has also been on a major upswing during the recent crypto market rebound and currently ranks as the 18th largest crypto in terms of market cap.
MATIC is trading at $1.77 at the time of writing after a 19.6% gain in 24 hours.
MATIC Price Analysis
MATIC is on a major upswing that has enabled the coin to make new monthly highs. The broader market is weakening, which means that the current upswing has been attributed to buyer support.
The double-digit gains that have been made in the 24 hours have created new highs for MATIC. However, the all-time high is yet to be reclaimed, which means that market support needs to kick in for a major upswing to happen in the broader market.
If the uptrend continues, Polygon will retest the higher resistance level of $1.79. This will open a rally past $1.80. If MATIC continues to make double-digit gains in the coming days, MATIC could hit the $2 levels, and the all-time high will be close.
On the other hand, we could also see MATIC heading towards lower levels. The coin could retest the lower support levels of $1.74 and $1.72. If the coin retreats below $1.60, it could open up the coin for greater gains that will be achieved when investors decide to buy during the dip.
The Polygon network continues to gain major adoption, and it was recently endorsed by the Coinbase exchange. The exchange stated that it would adopt Polygon’s layer 2 scaling solution to reduce fees and bring scalability to the Coinbase ecosystem. Such adoptions of the Polygon network will play a central role in boosting the prices of Polygon.
Where to Buy Polygon
If you want to buy MATIC during the current bullish sentiment, you can create a cryptocurrency exchange account on eToro. eToro is a copy trading platform that allows new traders to copy the trading strategies of expert traders. eToro also charges competitive trading fees and commissions.
Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
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