Polygon (MATIC): Can It Get to $3?

Examine Polygon’s price chart’s potential and the amount of work that could need to be done to reach the bullish objective of $3 per token.

Polygon (MATIC): Can It Get to $3?

Ethereum (ETH 1.99%) wouldn’t require assistance in a future where blockchain-based finance and Web3 apps are flawless. There will be no hiccups in handling millions or even billions of transactions per day for the top smart-contracts platform.

However, even with the transition to a quicker proof-of-stake platform in the summer of 2022, Ethereum still functions a little slowly in the real world. Over the next several years, it will require assistance to handle the whole amount of smart-contract procedures.

Polygon (MATIC): Can It Get to $3?,Polygon (MATIC): Can It Get to $3?

Polygon (MATIC 2.91%) steps in at this point. Ethereum is accelerated via a distinct layer of transaction-crunching blockchain systems that nonetheless perform well with the original network.

With a $4.8 billion market valuation and a transaction volume that leads its niche, Polygon is by far the most widely used method of speeding Ethereum applications and services. However, it is not the only one. With a market value of just under $1 billion, Arbitrum (ARB 1.80%) is a little token that is the second-biggest supporter of Ethereum.

Project proliferation at Polygon

The value of Polygon depends on developers utilising this system to power their products that are compatible with Ethereum. Therefore, an increasing number of Polygon projects suggests that the token’s long-term worth is increasing.

Here, too, I observe a promising tendency. There are presently 892 Polygon apps and tools listed on the Alchemy blockchain app creation platform, up from 489 projects in February 2023.

While Ethereum has a higher number of projects, Polygon is developing at a rate that is almost twice as fast.

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Dim-witted Polygon costs

But in 52 weeks, the price of Polygon has decreased 41%, while Ethereum’s price has increased 19% during the same time. In other words, even while the Ethereum ecosystem as a whole is doing well, investors appear to be doubtful about Polygon’s future prospects.

Not to mention the thriving activity that Polygon’s developer community is enjoying. That is still insufficient to raise the token’s price.

Potential avenues for advancement

Under this period of generally favourable value-driving tendencies, I can think of two probable causes for Polygon’s falling price chart.

It’s possible that Polygon’s bears have identified a key shift in the Ethereum development environment, redistributing the component values such that the original Ethereum moniker has more weight.

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The story won’t change unless Polygon (and other alternatives to standard Ethereum tokens) can reverse that annoying tendency once more. In this instance, the present price patterns make sense.

Alternatively, the majority of Polygon’s projects are still in the early stages of development and have not yet won over investors with their potential for sustainability. If this is the case, Polygon stands to benefit greatly when such services and apps are added to global app stores.

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