The Polygon price is flying again. MATIC trades at a new all-time high. Sending the token’s market cap above $6 Billion as new deals spark buying a frenzy.
Polygon, which trades under the ticker MATIC, has announced two new deals as adoption for the layer 2 scaling solution increases.
The options trading platform Oddz Finance will now route its transactions via Polygon. The network aims to increase the speed and efficiency of the Ethereum blockchain and offers a solution to Ethereums scaling issues.
Stakefish, which provides Proof-of-Stake (PoS) validation services, also announced they had added Polygon into its eco-system.
The Polygon price has reacted favorably to the news and had rallied as much as 50% to its $1.1823 peak this morning.
Every new collaboration lends credibility to the project. Subsequently, Investors have upped their exposure to the Polygon price after the latest releases.
MATIC Price Outlook
On the one hand, the current price extension could attract momentum buyers. And if the price can stay above $1.0000, the bullish outlook increases.
The flip-side of the argument is that the price has already increased considerably recently. The Polygon price was trading at $0.3000 just three weeks ago.
On the 4-hour chart, we can see the MATIC price has broken out of its ascending channel and might have more room to run on the upside.
However, should the market close back in the channel, it may signal that the rally is fading. Bulls may add on a positive close of this candle, which would suggest that buying momentum is still strong.
Stops should be fairly tight and placed below the mid-price of the channel at $0.9700 as a break of this level suggests further downside.