Polygon Founder Recaps 2023: MATIC’s Surge Powers Through Resistance With 4% Uptrend
December 25 2023 - 9:00PM
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Polygon is closing out 2023 on a high note as its native token,
MATIC, experienced a significant surge over the past 24 hours,
despite its founder highlighting a “painful ride”. MATIC’s current
price stands at $0.8939, accompanied by a 24-hour trading volume of
$701,503,128.22. This represents a notable 4.20% price increase
within the last 24 hours and a remarkable 14.10% increase over the
past 7 days. Polygon Founder Embraces Underdog Status Despite a
challenging journey throughout 2023, Polygon’s founder, Sandeep
Nailwal, recently expressed his contentment with the platform’s
underdog status. In a statement on X (formerly Twitter),
Nailwal stated: Polygon is back to where it’s the best at being an
underdog. Not going to lie, it’s been a painful ride, the whole of
2023, but right now, it feels incredibly liberating to be the
underdog again. Furthermore, Nailwal went on to outline several
reasons why he believes investors should feel bullish about
Polygon’s prospects. One key feature is Ethereum Virtual
Machine (EVM) Compatibility, which allows Polygon to replicate the
Ethereum environment as a rollup. This compatibility ensures that
any application running on Ethereum or other EVM-compatible chains
can be deployed onto zkEVM, Polygon’s layer 2 solution, with
minimal modifications. Related Reading: A Crypto Christmas Special
With Jlabs Digital: Past, Present, And Future Another aspect
highlighted is the utilization of Zero-Knowledge Proofs (ZKPs) for
transaction validation. By leveraging ZKPs, Polygon enhances
transaction speeds and reduces gas fees, addressing critical pain
points experienced by users on other blockchain platforms.
Scalability is a paramount concern in the blockchain industry, and
Polygon aims to address this challenge by executing smart contracts
using zero-knowledge technology. This approach ensures
“scalability without compromising decentralization” and security,
bolstering the platform’s overall appeal to developers and users
alike. Moreover, Polygon’s strategic affiliation with zkEVM
positions it to leverage the existing ecosystem of over 400
decentralized applications (dApps) within the Polygon
network. This ecosystem includes a diverse range of DeFi
protocols, gaming platforms, and NFT marketplaces. By capitalizing
on this thriving ecosystem, Polygon aims to further solidify its
position as a leader in the blockchain space. Midterm Targets And
Strategy For MATIC Price Action Renowned analyst Captain Faibik has
released a comprehensive analysis of the price action for Polygon’s
native token, MATIC. In his assessment, Captain Faibik identifies
key targets and a strategic approach for investors to capitalize on
potential gains. According to Captain Faibik’s analysis, MATIC’s
midterm targets are projected at $1.20, $1.60, $2.50, and $4.00.
These targets represent potential price levels that MATIC could
reach based on historical patterns. Notably, to manage risk
and protect their investment, Captain Faibik recommends
implementing a stop-loss strategy. If the weekly closing price of
MATIC falls below $0.55, it is suggested to exit the position.
Related Reading: Solana Breaks New Record, Will This Send SOL Price
To $200? Furthermore, Captain Faibik advises investors to adopt a
long-term mindset and hold their MATIC investment for a minimum of
60 days. This holding period enables investors to ride out
short-term price fluctuations and potentially capitalize on the
projected targets identified. Featured image from Shutterstock,
chart from TradingView.com
Polygon (COIN:MATICUSD)
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