3 reasons why Polygon (MATIC) is up 100%+ during a bear market


Not like bull markets the place merchants can principally throw a dart at an inventory of cash to select one that can go up, bear markets require far more effort to search out tasks that might carry out nicely over the long-run.

One challenge that has continued to indicate indicators of mainstream adoption regardless of the onset of a crypto winter is Polygon (MATIC), a layer-two scaling solution for the Ethereum (ETH) community that’s trying to construct a sustainable Web3 infrastructure on the highest sensible contract platform.

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Knowledge from Cointelegraph Markets Pro and TradingView reveals that since hitting a low of $0.316 on June 18 through the worst of the crypto market sell-off, MATIC has climbed 118% to $0.70 the place the value now sits at a serious assist and resistance degree that first appeared in March 2021.

MATIC/USDT 1-day chart. Supply: TradingView

Three the reason why the long-term outlook for Polygon stays constructive embrace its continued adoption by mainstream entities, the migration of a number of tasks to the Polygon community and a rise within the platforms providing liquid staking providers for MATIC.

Main adoption bulletins

Adoption by influential mainstream corporations is among the greatest types of advertising and marketing {that a} blockchain platform can obtain because it exposes them to a big pool of potential customers.

Prior to now few months, Polygon has established partnerships with Coca-Cola, which launched a satisfaction sequence NFT assortment on the community and Reddit, which introduced that it was launching an NFT market on the Polygon community on July 7.

Most just lately, it was announced that Polygon has been chosen by Disney to be the one blockchain included within the 2022 Disney Accelerator program, a “enterprise improvement program designed to speed up the expansion of progressive corporations from all over the world.”

Protocols launch on Polygon

Additional proof of the rising reputation of Polygon as a go-to scaling answer for Ethereum has been the regular migration and integration of tasks with the L2 community.

Apart from the latest NFT tasks which have migrated to Polygon, different new additions embrace the permissionless, credit score protocol RociFi, and WOO community’s multi-chain decentralized alternate.

MATIC has additionally seen a rising variety of platforms that provide liquid staking for the token which allows holders to earn staking rewards.

Associated: Terra projects band together in migration to Polygon ecosystem

Merchants count on resistance at $0.75

As for what comes subsequent for MATIC value, market analyst and pseudonymous Twitter person Crypto Tony posted the next chart suggesting that the token might head increased towards resistance on the $0.75 degree.

MATIC/USDT 4-hour chart. Supply: Twitter

Crypto Tony mentioned,

“In search of a flip of the EQ as much as the vary excessive. Would like to see us consolidate a bit longer beneath this space.”

This outlook was additional bolstered by Dealer McGavin, who posted the next chart noting that MATIC is “Filling out the ascending triangle and appears able to breakout within the coming days.”

MATIC/USDT 1-day chart. Supply: Twitter

Dealer McGavin said,

“A breakout would open up a transfer to $0.80 after which $1. Ton of constructive catalysts over the previous couple of weeks driving this huge transfer off the lows.”

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it is best to conduct your personal analysis when making a call.