The price of Polygon (MATIC) has been impacted by the ongoing washout in the cryptocurrency market as uncertainty surrounds the space amid the news surrounding FTX crypto exchange.
As things stand, MATIC is down 4.37% in the last 24 hours, although the token is still up by 34.53% over the previous week, according to data retrieved by Finbold from CoinMarketCap.
However, the token now appears to be rebounding, given that Polygon had been performing nicely over the previous week before the market-turning events.
The red seen across the broader crypto market impacted Polygon and other cryptocurrencies, was brought about by the saga involving FTX and Binance. However, with Binance now ‘intending to fully acquire FTX and help cover the liquidity crunch,’ the market appears to be turning again.
MATIC expert price analysis
Investors are eager to know whether MATIC could reach $2 by the end of 2022, something that was discussed by crypto trading experts alike.
Notably, the pseudonymous cryptocurrency analyst Altcoin Sherpa commented on November 7, before the market meltdown, stating that the run on MATIC didn’t look to be done even though it had risen four times from its bottom.
Sherpa added:
“There are a lot of bullish catalysts for MATIC as well- they have done insanely good work with their BD and have partnerships with huge names. Polygon is also throwing a lot of money in their ecosystem and there are a lot of builders there.”
The crypto trader was bullish in his outlook noting $1.70, and then $2 are two price levels it could reach based on the price MATIC had accumulated for several months recently.
“What are my current targets for $MATIC? IF $BTC holds up (and doesn’t do something crazy like go to 18k or something), I’m targeting $1.70 and then $2. I mainly say this because price accumulated for another several months recently- I’d be v. surprised if the run is over now.”
Nevertheless, CoinMarketCap Price Estimate votes from the crypto community predict a bearish median price for Polygon will trade at $0.9053 by the end of November and $0.9086 by the end of the year, despite its increases over the last week.
MATIC technical analysis
MATIC’s technical analysis (TA) indicators are predominantly in the ‘buy’ zone, with its daily summary pointing to a ‘buy’ sentiment at 14. Moving averages (MA) suggest a ‘strong buy’ at 13.
Meanwhile, the oscillators indicate a ‘neutral’ sentiment at 8, according to the data obtained from the market analytics platform TradingView on November 8.
Polygon network growth
Notably, as reported by Finbold on November 8, Polygon added 42,869,034 unique addresses to its chain between June 7 and November 7, 2022, according to the data from the Polygon network explorer PolygonScan.
The Proof-of-Stake (PoS) network was adding over 280,000 unique addresses per day on average, growing by around 30% during five months.
The introduction of a Polygon-powered platform for minting and selling non-fungible tokens (NFTs) for Instagram users by MetaMeta (NASDAQ: META) is one example of a mainstream corporation integrating the chain into their operations and contributing to the rise in price and the size of the network.
Finally, JPMorgan (NYSE: JPM), a global leader in banking and financial services, also executed its first international decentralized financial transaction (DeFi) on the Polygon blockchain.
Source : Finbold
