Analyst Endorses MATIC, Time To Double Down On Polygon And Ethereum Layer-2 Tokens?
November 08 2023 - 10:00PM
NEWSBTC
Ryan Sean Adams, a vocal Ethereum commentator and crypto investor,
is bullish on MATIC, the native token of Polygon. Taking to X on
November 8, Adams said MATIC should be a top-10 crypto
asset, adding that people are asleep on layer-2s. Polygon (MATIC)
Remains In An Uptrend When writing on November 8, MATIC is among
the top 15 most valuable coins by market cap. It also remains
volatile, fluctuating, and moving up and down the market cap
leaderboard rankings. Even so, considering its spot valuation
exceeding $7.3 billion according to CoinMarketCap (CMC), a crypto
tracker, MATIC remains relatively liquid with a broad user
base. Related Reading: Ethereum Failed Transactions: You
Won’t Believe How Much Users Have Lost Etherscan data on
November 8 shows that there are 629,967 MATIC holders, down roughly
2%, but the number remains higher despite the contraction following
the crypto winter of 2022, which spilled over to 2023. As of
November 8, MATIC is up 60% from September 2023 lows. According to
CMC, the coin is also up 13% on the last trading day, pushing
weekly gains to over 27%. Looking at the candlestick arrangement in
the daily chart, the uptrend momentum is strong, and buyers appear
to be doubling down. Presently, bull bars are aligned along the
upper BB, suggesting that there is intense buying pressure. At the
same time, MATIC is within a bullish breakout formation, breezing
past August highs. Polygon, a sidechain, is among the many
scaling solutions for Ethereum. The platform is compatible with
Ethereum, allowing protocols to build on Polygon while enjoying the
high activity and security of the first smart contract network.
Polygon is also considered a layer-2, though it isn’t technically a
layer-2 since it doesn’t depend on roll-ups like Arbitrum or OP
Mainnet. Time To Double Down On MATIC And Layer-2 Tokens In Adams’
view, considering layer-2 tokens, including MATIC or ARB, at spot
levels could translate to more gains in the next bull run.
Nonetheless, it should be noted that MATIC, for instance, is down
72% from 2021 highs. Moreover, the coin is trending inside June’s
bear trade range. A comprehensive close above this level may signal
the end of the bear run, possibly anchoring buyers targeting $1.5.
In late October, Polygon Labs officially launched the POL, a token
that will prime Polygon 2.0, Ethereum, signaling the first steps to
see MATIC gradually phased out. POL will serve more roles in
Polygon 2.0, specifically powering an ecosystem of zero
knowledge-based layer-2 chains using Polygon’s infrastructure. News
of this smart contract launch seemed to have catalyzed demand,
driving token prices higher. Related Reading: Shiba Inu Price Eyes
Key Resistance, Poised For November Surge Feature image from Canva,
chart from TradingView
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