Polygon, a layer2 blockchain network, was in its prime almost two years ago. However, a downtrend has been seen in popularity, especially in the Polygon price. Earlier, it was known as among the top 20 cryptos of the market, but the downfall in popularity pushed it down in the ranking constantly.
However, now Polygon has resurfaced among the top 20 rankings on CoinmarketCap. This ranking is based on market capitalization, and with a market cap of $5.3 billion, MATIC is now sitting at the 20th position, beating Litecoin and many other popular cryptos. Speaking of which, Bitcoin price has recently hit the $64K mark and is aiming for higher, pushing other altcoins as well, including Polygon.
Analyzing The Polygon Price Surge
Polygon MATIC presented its best performance on December 27, 2021, when its price surged to an all-time high of $2.92. But it has failed to surge anywhere near ever since then. Instead, its value has continuously deteriorated over time.
However, in the last seven days, its performance has been quite promising, where the MATIC price surged to a month high of $0.5439. It is currently trading at $0.5379 after a 33% surge. It is one of the highest surges in the market as the user’s sentiments have been neutral on fear and greed, indicating a slow market.
Similar to the surge in price, its trading volume and market capitalization have also risen comparatively in the last few days, indicating a surging demand for the altcoin. With $291,165,430 in trading volume, MATIC is on the 25th spot for the most transactions of the day. More importantly, with a 30% surge in market cap, it is now the 20th biggest cryptocurrency in the market.
What’s Next For Polygon (MATIC)?
Polygon is known for its collaborations and continuous upgrades, which have also become a supporting factor for the MATIC price. The token has faced constant pushes with every collaboration, maintaining its hype in the market. Now, the eyes are on the transition of MATIC to POL, which is in an attempt to do a massive overhaul to enhance liquidity and usability. Most importantly, this will give a new look or rebranding of the assets, helping with its demand in the market.
Additionally, Coinbase, which is one of the most popular crypto exchanges, has come in favor of the transition of MATIC to pol, which boosted the Polygon price these days. Analysts believe the price can surge as high as $0.7 if the conditions stay the same. Moreover, its technical analysis has a mixed signal, as the 24-hour chart shows a surging potential as the exponential and simple moving averages favor growth. However, there is also a selling pressure on the token with the Polygon Discord compromised, which might push the value down.
If the Polygon price beats the odd, breaking the resistance at 0.5545, an uptrend is to happen next.
Final Thoughts
Polygon has again entered the top 20 crypto rankings in the market per Coinmarketcap data. This puts it in the 20th spot for its market cap of $5.3 million and the value of $0.5379 after a 33% surge in the last week. As the MATIC to POL transition is happening soon, the expectations are high for the Polygon price to be near its best-performing days.
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Pooja Khardia
With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
