Matic price has remained almost invulnerable to market FUDs since November. Rather, it has gained over 80% in price valuation outperforming BTC and ETH in the last two months. When it can skyrocket amidst the bearish sentiments, obviously its price rally would be 10x more in bull cycles.
EIP-1559 Is Live On Polygon! When Will Matic Hit $10?
The polygon may experience an additional headwind up to $10 eventually as the much-awaited upgrade EIP-1559 is live on its blockchain. The upgrade is programmed to burn 0.27% of the total Matic supply at an annualized rate. However, the move would further catalyze the price action yielding to the increased demand.
The same upgrade went live on Ethereum mainnet in July, where the star altcoin has enjoyed 50% profits. However, if bullish sentiments haunt the rally then a Matic price reaching $5 is inevitable by the end of Q1 2022.
Matic Price 100% Upswing is Still Unreasonable!
Furthermore, the network has been on an expansion spree, adding more Dapps along with a larger user base. The following metrics would become catalysts for Matic price action in Q1 2022.
- The network has been leading from the front in terms of active addresses on the Polygon chain. The ecosystem has recorded a whopping 2.67 million addresses in just 30 days.
- Dune Analytics has confirmed that total Opensea Polygon users reached an ATH of 900k in January as Layer 2 solutions are heating up.
- DEX traders on Polygon blockchain have surpassed DEX traders on ETH blockchain by reaching 3.2 million traders.
- Along with significant users, Polygon has managed to enjoy a 9% upsurge in TVL over the past 30 days reaching a whopping $9.48 billion at the press time.
Collectively, with the groundbreaking EIP-1559 upgrade, the above catalysts are likely to propel the price up to $10. The cryptoverse broadly awaits a bull season, so projects such as Matic would reach up to their true potential.
Source: https://coinpedia.org/altcoin/polygon-matic-is-all-set-to-double-its-price-why-is-100-upswing-is-inevitable/