Polygon (MATIC) has attracted a lot of attention over the past few weeks as MATIC’s price has recently surged higher. Ethereum’s scaling solution is making its way to a multi-chain platform at the moment. Polygon continues to have extreme growth potential. But can the Polygon price reach $100 in the next few years? In this article, we discuss the potential of Polygon and whether the price can even reach $100 in the next few years.
What is Polygon (MATIC)?
Polygon is a blockchain network that represents a scaling solution for Ethereum. Polygon aims to enable faster and cheaper Ethereum transactions. It uses layer 2 sidechains, which can better distribute the high transaction load across different chains. The network token is called MATIC. It is used to pay transaction fees and participate in the proof-of-stake consensus mechanism. MATIC was also the former name of the Polygon network. In the future, Polygon wants to become its own multi-chain network. Polygon describes itself as “Ethereum’s Internet of Blockchains”.
Polygon crashed hard in the past Crypto Crash
The Polygon (MATIC) price has fallen sharply in recent months. This was not due to internal reasons, but to the onset of the bear market. Polygon (MATIC) price reached an all-time high in December 2021. The price jumped above 2.8 dollars. The all-time high came a lot later than the highs of other cryptocurrencies.
This resulted in heavy losses in the months that followed as the bear market hurt the entire market. By early March, the Polygon price was down about 50% from its all-time high. More heavy losses followed in May and June. The price dropped below $0.40. The price has lost more than 85% since December.
How did Polygon Price Perform recently?
The entire market has been able to recover somewhat in recent weeks. Polygon’s price did the same. In fact, the MATIC price has risen the most in recent weeks. It went from $0.35 to $0.95. This means that the Polygon price has almost tripled in the last 2 weeks.
The increase has slowed down somewhat in recent days. Nonetheless, Polygon (MATIC) rose to rank among the top 13 cryptocurrencies by market cap. In the short or long term, the Polygon price should be able to continue to rise in the future.
Why is Polygon MATIC Price UP?
The reasons for the increase in polygons can be explained, among other things, by cooperation with well-known companies. After successful cooperation with Coca-Cola, Polygon recently announced a cooperation with Disney. Polygon is the only blockchain considered by this company.
Furthermore, the use of Polygon in the area of non-fungible tokens (NFTs) is increasing. Cooperations with Adidas and the payment service provider Stripe are also known. The number of new projects on the Polygon network also continues to rise sharply. Ethereum’s scaling solution is gaining popularity despite the bear market.
Can Polygon Price Reach $100?
Based on Ethereum, Polygon was a blockchain that made massive improvements in scalability, efficiency, and speed. These are all areas that decentralized application developers and investors have come to appreciate. This shows the popularity of solutions like Solana and Avalanche.
Polygon has the advantage of being part of the massive Ethereum ecosystem. Furthermore, Polygon is developing towards a multi-chain platform that can operate independently of Ethereum. Polygon’s potential is therefore huge and the price should rise again massively in the next bull market. A. Price of 10 dollars in the next bull market seems possible.
If we wait for another cycle, $100 for the Polygon (MATIC) rate is not at all unrealistic. However, this should take several more years. But the extremely low price in the current bear market offers a unique opportunity for long-term investors.
Best Exchanges to invest in Polygon MATIC: