Matic Price Prediction 2023: Market Analysis and Opinions

MATIC is a cryptocurrency launched by the Polygon network (previously known as Matic Network). It was established in 2017 by three Indian software engineers: Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun.

The Polygon network attempts to overcome the difficulties associated with the Ethereum blockchain, such as high transaction costs and network congestion, without compromising security. The project intends to boost the broad adoption of cryptocurrencies by tackling the scalability challenges encountered by various blockchains.

Besides, the Polygon network provides a second-level solution: rather than executing transactions directly on the Ethereum network, Polygon processes them on its own network first. It supplements the second-largest cryptocurrency (by market size), allowing users to interact with the ETH blockchain without worrying about excessive gas prices or slow transaction rates.

The Polygon blockchain can handle up to 7,200 transactions per second (TPS). In comparison, this indicator is about 15 for Ethereum. MATIC, Polygon’s native token, is an Ethereum-based ERC-20 token that can be deposited in any Ethereum wallet, including MetaMask and Eidoo. Tokens are also utilized for payment services on Polygon as well as settlements between users on the Polygon trading platform.

Matic Price Prediction | Introduction

In the world of Ethereum Layer 2 solutions, Polygon has the most established ecosystem. Its price action took a rapid swing upward following several bullish announcements this summer, including partnerships with massive companies in and out of Web3, advancements in the underlying technology, and potential for mobile use.

Short-term traders may be more vulnerable to risk and be more likely to lose money. However, Polygon is a crypto asset that can create opportunities for crypto investors to gain significant returns for long-term investors. The Polygon (MATIC) price forecast by experts indicates that the performance of this crypto asset will improve in the long term.

This Ethereum-based project’s interoperability principle has long made Polygon a powerful contender in blockchain technology. The success of this network will surely boost MATIC’s total worth.

Matic Price Prediction: Technical Analysis

The MATIC cryptocurrency debuted two years after the establishment of Polygon through its initial exchange offering (IEO) on the Binance cryptocurrency trading platform. Following its first public offering in 2019, the token struggled to gain traction, trading sideways and ranging between $0.01 and $0.04 in 2019 and 2020.

Fortunately, the Polygon cryptocurrency began gaining traction in early February 2021, skyrocketing to new price levels by May. Between April 22, 2021, and May 18, 2021, the MATIC price increased by 602%, rising from $0.35 to a record high of $2.45 since its launch. Despite this initial success, the MATIC token fell to $1.09 before rebounding to $2.21 by May 26, 2021.

Following the highs achieved in May, the Polygon coin price experienced a volatile ride. It reached a new record high of $2.92 on December 27, 2021, following the news that Uniswap, the number one Ethereum app, had launched the coin on its platform. 

However, the token has been on a negative trend since then, with its price falling to more than half its value from the record high. It plunged to $1.3802 by March 15, 2022, amid global political tensions and Russia’s invasion of Ukraine. Following slight gains at the end of March and the beginning of April 2022, the cryptocurrency fell once again, from its $1.6888 peak on April 3, 2022, to a $0.6015 low on May 12, 2022, a 64.3% decline. 

The drop of MATIC was primarily impacted by broader negative crypto market sentiment, which saw Bitcoin (BTC), the most significant token by market capitalization, fall below $27,000 following the Terra Luna crash and below $16,000, ensuring the FTX crash.

Below is a summary of MATIC’s price performance in the last six months.

The source of the historical data can be found here. 

Matic Price Prediction: Market Opinions

According to Tekedia.com, DeFi projects seeking faster scaling on the Ethereum blockchain will likely migrate to Polygon, which will probably crowd the projects. Consequently, the price of MATIC is expected to start at $2.67 in 2023. The coin is expected to achieve a maximum price of $5.26 and a value of $4.40 at the end of the year. The website’s short-term estimates anticipate a minimum of $2.58 and a $3.79 annual average.

According to Cryptopolitan.com, MATIC cryptocurrency price prognosis for the remainder of the year indicates it will likely have, at the end of 2022, a maximum value of $1.36. Also, the average price is expected to be around $1.32, with a minimum of $1.26. Accordingly, the price prediction for 2023 is followed closely by 2022’s circle, with a $1.91 maximum value, an average price of $1.80, and a low of $1.70.

Matic Price Forecast for December – January

WalletInvestor anticipates MATIC’s price for January 2023 will achieve a minimum price of $0.36, a maximum cost of $1.36, and an average price of $0.85. Then at the end of the year, things don’t look so good, based on their prediction, because they expect a low value of $0.027, a high value of $0.081, with an average value of $0.054.

Ambcrypto.com seems to have a more ambitious forecast stating that according to their analysis, the price for MATIC should range between $4.26 and $4.90 in January 2023, with an average price of approximately $4.58. They estimate that the coin should trade between $5.59 and $6.43 at the end of the year, with an average price of around $6.01.

Matic Price Forecast for 2023

According to changelly.com, after examining the prices of Polygon in past years, it is projected that in 2023, the minimum price of Polygon will be approximately $1.40. The maximum estimated MATIC price may be roughly $1.65. On average, the trade price may be $1.44 in 2023.

If the market starts to recover, Bitnation. co’s system predicts that in 2023, the highest price of Polygon will be $2.61, with the average price remaining at $2.33. If a bear market occurs, MATIC’s minimum price in 2023 will be $2.05.

Cryptocurrency Experts and Influencers

According to Benzinga.com, Daria Morgen, a famous blogger, utilized Polygon technical analysis to forecast the token’s price over the next decade. The expert predicts that the average trade price in 2023 will be $1.46. Similarly, priceprediction.net indicates that the MATIC token will increase next year. They believe that the prices of this crypto asset will vary. With an overall bullish trend, the MATIC price is expected to cross an average price level of $1.37.

Latest News about Matic

According to capital.com, MATIC has started to make gains again after hitting a $0.32 low on June 18, 2022. It reached a high of $1 at the end of July and then fell back to roughly $0.80 in August. Polygon made waves in August when the largest NFT marketplace, OpenSea, revealed that it would integrate the blockchain in its new Seaport protocol. The move is expected to save them $460 million each year.

In September 2022, Robinhood, a popular brokerage, announced an exclusive collaboration with MATIC, making Polygon the first blockchain supported by its Web3 wallet. This comes after the announcement in early September that investors may send and receive MATIC via the Robinhood platform.

In October 2022, Polygon announced another agreement with the Brazilian financial business Nubank to supply its NuCoin token. Nubank, backed by Softbank and Warren Buffett’s Berkshire Hathaway, aims to reward customers through a token economy. To do this, it used Polygon’s Supernet service, which is the network’s blockchain-as-a-service organization that assists firms in entering the market. Other Supernet customers include Starbucks and Robinhood.

Following this statement, MATIC achieved a high of $0.96 on October 26, 2022. However, it did continue to rise in the following weeks. This latest spike coincided with the good news that the social media giant Meta is collaborating with Polygon to deliver its journey into Web3 and NFTs.

According to Stephane Kasriel, Meta’s head of commerce and financial technology, Instagram enterprises will soon be able to produce and sell their own NFTs. This service would be available on the Polygon blockchain before spreading to others, including Solana. MATIC soared on this announcement. It was trading at $1.11 on November 4, up 23% in the previous seven days and 35% during the last month.

FAQs

What Is Matic?  

Polygon (MATIC) is a cryptocurrency and technology platform created to link and build Ethereum-compatible applications and blockchains. MATIC tokens may be purchased on exchanges like Coinbase or Kraken.

How to Buy Matic?

MATIC may be purchased on cryptocurrency exchanges like Gemini or Coinbase, like many other popular cryptocurrencies. If you don’t already have an account, you’ll need to join up and verify your identity before you can get started.

After making an account, you may be able to purchase MATIC using a bank transfer, wire transfer, credit card, or debit card. MATIC may also be purchased using USD or other fiat currencies on cryptocurrency exchanges like Kraken, Coinbase, and Crypto.com, to mention a few.

Some cryptocurrency exchanges also provide staking services, which allow you to earn interest on your MATIC while leaving your tokens at the exchange. MATIC can also be purchased on decentralized exchanges such as Uniswap.

What Is Matic Used For?

MATIC is an ERC-20 token, which means it is interchangeable with other Ethereum-based digital currencies. MATIC is used to manage and protect the Polygon network, as well as to collect network transaction fees.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.