Polygon MATIC price is doing well during the weekend as the ongoing cryptocurrency recovery continues. MATIC roared to a high of $1.011, which was the highest point since May 8th of this year. It has jumped by more than 219% from its lowest level this year, bringing its total market cap to over $7.5 billion.
Why is Polygon recovering?
Polygon is the biggest layer-2 project in the blockchain industry. It is a project that helps Ethereum developers scale their applications. By so doing, they are able to save users gas fees and supercharge their performance. For example, while an Ethereum transaction costs over $10, those executed in Polygon cost less than a cent.
As a result, Polygon has achieved a lot of success in the past few years. It has been embraced by leading projects like Uniswap, Aave, QuickSwap, and SushiSwap among others. According to DeFi Llama, it has a total value locked (TVL) of over $1.9 billion, which is lower than its all-time high of almost $7 billion.
Polygon’s developers have also worked to boost their offerings to developers. Some of the top products in its ecosystem are Polygon Miden, Polygon zkEVM, Polygon Nightfall, Polygon Avail, and Polygon Supernets.
Polygon MATIC price has risen sharply in the past few months as investors focus on the upcoming Ethereum Merge. The merge will lead to a significantly fast Ethereum. It is unclear whether layer-2 platforms like Polygon and Optimism will do well after this merge completes.
MATIC price has also rallied as the number of apps created in Polygon has jumped to 37,000. This means that they have skyrocketed by over 400% this year.
MATIC price prediction
The daily chart shows that the Polygon MATIC price has done well in the past few days. It has managed to move above the 25-day and 50-day moving averages. At the same time, it is attempting to move above the important resistance at $1. Further, it has formed an inverted head and shoulders pattern.
Therefore, there is a likelihood that the coin will keep rising in the near term as bulls target the next key resistance at $1.5, which is about 50% above the current level. A move below the support at $0.8 will invalidate the bullish view.
