The crypto market managed to finally increase in the past week. Most cryptos are up by an average of 10%. MATIC on the other hand barely moved by 3%, which shows that it underperformed compared to the average return of the crypto market. Now that prices are consolidating again, will MATIC reach 1 $ before 2023? What’s next for Polygon MATIC? Let’s analyze technically in this MATIC price prediction article.
What is Polygon MATIC Crypto?
Polygon is a scaling solution for the Ethereum Blockchain. Transactions may be carried out more quickly and effectively. To evenly share the strain of transactions occurring on Ethereum, Polygon makes use of so-called “sidechains.” A layer 2 solution focuses on this. Ethereum devised its own scaling strategy to get around the hefty costs. The network was originally known as MATIC. At the conclusion of 2017, this was published on the Ethereum blockchain. Later, Polygon was given to the network. The native token’s name is merely MATIC.
Polygon aims to simplify the Ethereum blockchain with the second layer. The productive proof-of-stake consensus technique underlies the operation of Polygon’s sidechains. Developers may use Polygon to handle their smart contracts and dApps.
Is MATIC price up?
Technically speaking, yes. MATIC prices managed to increase from a price of $0.87 and reached the current price of around $0.90, up by around 3%. Not too much considering that DOGE for example increased by more than 100% in the past 7 days.
The market capitalization of Polygon is around $7.8 billion, standing currently at number 11 on the list of the biggest cryptos by market cap. However, its closest competitor is Solana, with a market cap of $11.8 billion. This $4 billion difference is huge for MATIC. For Polygon to surpass Solana, its prices need to surpass $1.5 while Solana needs to stagnate, which is unlikely to happen in the short term
MATIC Price Prediction – Will MATIC reach 1 $ before 2023?
If we look at figure 1 below, it is clear that MATIC is on an uptrend. It basically needs around 10% to reach the psychological price of $1. This should easily happen within 2 months. However, this price is a strong resistance for MATIC, and it might retrace lower after reaching this price target.
If the crypto market manages to continue on its strong uptrend, MATIC should however be able to breach this 1$ price mark with no problem, turning it instead into a support area.
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