The blockchain space has been rapidly evolving, and with it, new projects and technologies are emerging to address the challenges of scalability, usability, and interoperability. Polygon, formerly known as Matic Network, is one such project that has gained significant attention in recent years for its ability to provide fast and low-cost transactions, as well as its interoperability with other blockchains. MATIC prices recently reached a strong support price, attracting investors into stocking up in MATIC. Is it good to buy Polygon at current prices? Let’s analyze in this Polygon price prediction article.
What is Polygon Crypto?
Polygon, formerly known as Matic Network, is a Layer 2 scaling solution for Ethereum that aims to improve the scalability and usability of decentralized applications (dApps). The Polygon network is designed to enable fast and low-cost transactions, as well as provide a more seamless user experience for interacting with dApps.
Why Polygon changed to MATIC?
The name change from Polygon to MATIC was made in May 2021 to reflect the project’s evolution and rebranding. The team believed that the name Polygon no longer fully represented the project’s vision and scope, which had expanded beyond its original focus on Layer 2 scaling. The new name, MATIC, is intended to convey the project’s commitment to providing a scalable and user-friendly infrastructure for the broader blockchain ecosystem.
Is Polygon a good Crypto Project?
Polygon is a good crypto project because it offers several benefits for developers and users. One of its main advantages is its ability to provide fast and low-cost transactions, making it an ideal platform for high-frequency trading and other use cases that require quick settlement times. Additionally, the Polygon network is highly interoperable, allowing developers to build applications that can interact seamlessly with other blockchains and networks. Finally, the project has a vibrant and supportive community, which helps to drive innovation and adoption.
Which big companies are using Polygon?
Several big and famous companies have already started using Polygon to enter the Web3 space. Some of these companies include Mark Cuban’s NFT platform Lazy.com, gaming giant Atari, and digital marketplace OpenSea. The adoption of Polygon by these high-profile companies is a testament to the project’s potential to become a leading infrastructure provider for the decentralized internet.
MATIC Price Analysis: Why is MATIC Price Down?
MATIC Prices consolidated for several days between $1.1 and $1.2. However, as Bitcoin prices dropped below 30K, the entire crypto market crashed lower. MATIC specifically broke the support price of $1.1 and reached the next support price of 1$, which is a strong psychological price.
Polygon Price Prediction: Will MATIC Price go back up?
From the current psychological price of 1$, MATIC has 2 options ahead:
- If the entire crypto market continues lower, MATIC prices should breach the 1$ price mark lower and continue towards the next support price of $0.95
- If the entire crypto market retraces higher after several red days already, MATIC should be able to retrace higher as well. Prices should reach again the price of $1.1.
Source: https://cryptoticker.io/en/matic-price-back-to-1-perfect-opportunity-to-buy-polygon/