- MATIC price seems ready for a 36% climb in the current cycle.
- The ETH scaling solution achieved another milestone, powering 7,000 dApps on its network.
- The $3.9B in staked MATIC keeps the network stable and secure.
Polygon (MATIC) lost more than 10% over last week and fought to recover from the losses. Nevertheless, the network achieved a vital milestone after powering 7,000 decentralized applications. Such developments fueled a bullish sentiment for the ETH scaling solution.
MATIC Price Might Rally Higher
The latest downbeat mood in the crypto space had MATIC prices declining by more than 10% within the past week. Meanwhile, the Polygon network hit another milestone, its blockchain network powering 7,000 decentralized applications.
Captivatingly, the platform has more than $3.9B worth of MATIC tokens staked, guaranteeing security and stability. The network has seen its adoption increasing consistently, registering vital milestones and increasing MATIC users.
In Ethereum, the network pulls out staked Ether tokens out of circulation, triggering a bullish case and taking prices higher. Similarly, staked Polygon coins might propel MATIC’s price higher. Meanwhile, Polygon has less than 100 validators. The validators have more than 2.7 billion Polygon coins locked inside their network. Also, the platform distributed 483 million MATIC coins as rewards among these 100 validators.
FXStreet experts analyzed MATIC price actions and forecasted a 36% upward move for the token. Moreover, they observed an ascending wedge in Polygon price trends. That means a bullish signal for the ETH scaling solution.
Therefore, MATIC’s price might see a 36% upside breakout from its current value area. That will see the Polygon gathering liquidity beyond $2.69, the altcoin recording a new ATH. For now, MATIC price readies for a massive upside action, contemplating a 36% upswing. That comes as the crypto spectrum battles recoveries following the latest slump.
While writing this blog, the global cryptocurrency market capitalization stood at $1.75 trillion, following a 0.65% increase within the past 24 hours. Keeping such trends will back MATIC’s upside narrative. Meanwhile, the altcoin will rely on the broad market bias for its price function.