Polygon is closing out 2023 on a high note as its native token, MATIC, skilled a big surge over the previous 24 hours, regardless of its founder highlighting a “painful ride”.
MATIC’s present value stands at $0.8939, accompanied by a 24-hour buying and selling quantity of $701,503,128.22. This represents a notable 4.20% price increase inside the final 24 hours and a outstanding 14.10% enhance over the previous 7 days.
Polygon Founder Embraces Underdog Status
Despite a difficult journey all through 2023, Polygon’s founder, Sandeep Nailwal, lately expressed his contentment with the platform’s underdog standing. In a statement on X (previously Twitter), Nailwal said:
Polygon is again to the place it’s the perfect at being an underdog. Not going to lie, it’s been a painful journey, the entire of 2023, however proper now, it feels extremely liberating to be the underdog once more.
Furthermore, Nailwal went on to stipulate several reasons why he believes buyers ought to really feel bullish about Polygon’s prospects.
One key characteristic is Ethereum Virtual Machine (EVM) Compatibility, which permits Polygon to duplicate the Ethereum surroundings as a rollup. This compatibility ensures that any utility working on Ethereum or different EVM-compatible chains could be deployed onto zkEVM, Polygon’s layer 2 answer, with minimal modifications.
Another facet highlighted is the utilization of Zero-Knowledge Proofs (ZKPs) for transaction validation. By leveraging ZKPs, Polygon enhances transaction speeds and reduces fuel charges, addressing crucial ache factors skilled by customers on different blockchain platforms.
Scalability is a paramount concern within the blockchain business, and Polygon goals to handle this problem by executing good contracts utilizing zero-knowledge expertise.
This method ensures “scalability without compromising decentralization” and safety, bolstering the platform’s total attraction to builders and customers alike.
Moreover, Polygon’s strategic affiliation with zkEVM positions it to leverage the prevailing ecosystem of over 400 decentralized purposes (dApps) inside the Polygon community.
This ecosystem features a numerous vary of DeFi protocols, gaming platforms, and NFT marketplaces. By capitalizing on this thriving ecosystem, Polygon goals to additional solidify its place as a pacesetter within the blockchain house.
Midterm Targets And Strategy For MATIC Price Action
Renowned analyst Captain Faibik has launched a complete analysis of the value motion for Polygon’s native token, MATIC. In his evaluation, Captain Faibik identifies key targets and a strategic method for buyers to capitalize on potential positive factors.
According to Captain Faibik’s evaluation, MATIC’s midterm targets are projected at $1.20, $1.60, $2.50, and $4.00. These targets symbolize potential value ranges that MATIC might attain primarily based on historic patterns.
Notably, to handle threat and shield their funding, Captain Faibik recommends implementing a stop-loss technique. If the weekly closing value of MATIC falls beneath $0.55, it’s advised to exit the place.
Furthermore, Captain Faibik advises buyers to undertake a long-term mindset and maintain their MATIC funding for at least 60 days. This holding interval allows buyers to journey out short-term value fluctuations and doubtlessly capitalize on the projected targets recognized.
Featured picture from Shutterstock, chart from TradingView.com
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