Matic Price Forms Double Bottom and Heads High as Bitcoin Stabilizes

Polygon Matic’s price received a boost after the co-founder’s statement of Polygon being better in terms of more transactions than Solana.

Polygon, earlier named Matic, is a framework used for building, scaling, and connecting Ethereum-compatible blockchain networks. It is a layer-2 solution that helps mass adaptation of the Ethereum chain. 

Does Polygon execute more transactions than Solana?

The co-founder of Polygon, Sandeep Nailwal, seems to be confident about which of the two ecosystems, Polygon or Solana, undergo more transactions. 

According to him, Solana attracts more users and developers to their platform due to their heavy marketing strategies. 

Moreover, Spencer Noon, a famous crypto analyst, studied the data and published his conclusions via a tweet on the Solana vs. Polygon debate.

According to Noon, crypto enthusiasts consider Solana 2nd on the list for the most used smart contract ecosystem. But the data, however, share a different story. Solana has 180,000 active users, while Polygon addresses 270,000.

Replying to the data by Noon, Nailwal said Solana just have 200 to 300 active developer in their teams while Polygon has between 2000-3000.

Matic Price Prediction:

Matic is currently the 13th most valuable token according to Coinmarketcap with a total market cap of $15,515,465,235. The current price of Matic is $2.15, which has seen a hike of 1.50% in the previous 24hrs.

From a technical point of view, the price trend is bearish after forming the head and shoulder pattern, as seen in the chart below. The price reached an all-time high of $2.923. 

After the neckline break, the market came crashing down by forming large bearish candles. The price broke another support level at $2.292. 

Price has recently formed a double bottom at $1.920. We can also see price breaking the new swing high in the 4hr time frame at a price of $2.167. Also, I expect the price to rise from here and move to resistance at $2.292. However, if the price traded below the January 8 low of 1.89, I suspect the price will try to target the next support level: the December 14 low at $1.783.

Matic 4-hour Price Chart