Polygon (MATIC) network has had unprecedented fundamental growth in the last quarter of 2022. The developments have had a massive impact on MATIC’s price which has surged over 15% on several occasions.
MATIC is the native token of the Polygon network. Polygon is a blockchain platform like Ethereum that enables platforms to connect and scale.
Will MATIC continue to go up? To get a good picture of the coins’ performance, we shall explore the blockchain’s recent partnerships, blockchain insights, and technical analysis in the following sections.
Significant Polygon partnerships- a timeline
On May 28, 2022, Google platform BigQuery, announced that it would henceforth provide insights for the network to simplify the analysis of blockchain data. Polygon’s datasets are now available on the Google cloud marketplace.
In July, Reddit, a popular social platform announced it would launch NFT avatars on the Polygon network. The platform chose the network for its resilience and low fees. MATIC rose 10% from the news.
Polygon was chosen on July 14th to join Disney’s 2022 accelerator program and use its blockchain technology. The technology will be used to create immersive experiences using artificial intelligence (AI), non-fungible tokens (NFTs), and augmented reality. MATIC reacted by surging 22% on the news.
On September 12, 2022, Starbucks partnered with Polygon to offer an NFT-based loyalty program. The partnership marked Starbuck’s first foray into web3 technology with the launch of Starbucks Odyssey; the coffee entity joined other big brand names in the rapidly growing Web3 ecosystem. In early November, Meta partnered with Polygon to bring NFT collectibles that could be minted, displayed, and traded on Instagram.
On November 15, 2022, Nike launched a new Web3 platform Swoosh on the Polygon blockchain. On this particular day, the number of unique users surged to a record 190.95M. Activity on the blockchain never goes unnoticed by investors.
Polygon blockchain insights
With interesting partnerships backing the Polygon blockchain, the network is registering a steady growth of new active addresses daily. According to Cryptorank, Polygon is at position 3, after Ethereum and Binance Chain in terms of fee generation by smart contracts.
According to Tokenterminal, the network has monthly revenue of $1.1M, with Ethereum leading the pack at a whopping $504M and has $3M in accumulated monthly fees.
At press time, the network is at position 7 with a market capitalization of $8.24B, with Bitcoin leading at $355.7B.
MATIC price technical analysis
MATIC is trading at $0.8714, up by 3.54% in the last 24 hours. The coin price has traded south over the previous two weeks and lost 60% from the year’s high of $2.92.
The MACD histogram indicates dropping price momentum to the downside; the MACD line has broken below the zero line, suggesting prices could fall lower. The William alligator trend lines are moving south, meaning falling prices.
The 14-day reactive strength index (RSI) shows it is not in oversold/overbought territory, with plenty of room for price movement.
Following the collapse of FTX, MATIC fell from a high of $1.21 to $0.78 but quickly recovered following the Nike partnership deal. The crypto winter affected the coin, which trades today below the year’s opening price of $0.92.
Final thoughts
MATIC has been highly volatile this year, with bears dominating its performance. Major partnership announcements have helped the coin stay afloat, with prices rising as high as 22%.
MATIC has had a good run compared to other altcoins and should skyrocket in the next bull run.
It has a growing community with robust fundamentals, which gives it the resilience to survive the bear market.
Will MATIC continue to go up? Yes, negative publicity and market crashes could bring the prices down.
Also, read MATIC price prediction 2023- 2031.
Source: https://www.cryptopolitan.com/will-matic-continue-to-go-up/