The Polygon price has bounced back in the past few weeks as demand for the coin has risen. MATIC has jumped to $1.48, which is about 137% above the lowest level since July. It has a market value of more than $9.69 billion, making it the 18th biggest cryptocurrency in the world. It sits between Internet Computer and Wrapped Bitcoin that are valued at $10 billion and $9.19 billion, respectively.
MATIC gains as adoption rises
Polygon is a layer 3 blockchain project that allows developers to optimize their applications. Apps built using the network are usually faster and more scalable than those built using the Ethereum network.
Some of the most popular apps that have migrated to the network are Aave, SushiSwap, Beefy Finance, Polymarket, and Curve Finance. This is notable since Aave is the biggest decentralized finance (DeFi) project in the world with a total value locked (TVL) of more than $15.6 billion. Curve Finance, on the other hand, is the third-biggest DeFi project in the world with more than $10.98 billion in TVL.
Therefore, with these DeFi giants using the network, there is a possibility that more developers will move to it. If this happens, we will likely see more activity. Let us look at what to expect on the Polygon price?
Polygon price prediction
The daily chart shows that the MATIC price has been in a strong bullish trend recently. The coin has managed to move to the 50% Fibonacci retracement level. It has also risen above the 25-day and 50-day EMA. A closer look shows that it has formed a V-shaped recovery. Meanwhile, the MACD indicator has continued its relentless rally.
Therefore, the coin will likely maintain its bullish trend as bulls target the next resistance at $1.8315, which is along the 38.2% retracement level. On the flip side, a move below the 61.8% retracement at $1.2430 will invalidate the bullish view.