Rally

when

Polygon

Chainlink

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<p dir="ltr"><a href="https://u.today/8000x-cheaper-than-ethereum-polygons-matic-nailwal-on-near-protocol-near-integration">Polygon</a> (MATIC), one of the leading layer-2 scaling solutions for Ethereum, has emerged as a resilient force, with its on-chain metrics hinting at a potential mega rally ahead. Despite&nbsp;<a href="https://coinmarketcap.com/currencies/polygon/">price fluctuations</a> in the fourth quarter of 2023, Polygon managed to attract 15.2 million new users in January, setting the stage for what could be a promising journey in 2024.&nbsp;</p>
<h2 id="polygon-s-current-market-snapshot">Polygon’s current market snapshot</h2>
<p dir="ltr">As of the latest&nbsp;<a href="https://coinmarketcap.com/currencies/polygon/">data</a> from CoinMarketCap, Polygon is trading at $0.7921, reflecting a 1.49% increase in the past 24 hours. The 24-hour trading volume stands at $215.6 million, with a market cap of $7.6 billion and a market dominance of 0.38%.&nbsp;</p>
<p dir="ltr">Notably, MATIC is trading above the 200-day Simple Moving Average, indicating a positive trend, and boasting high liquidity based on its substantial market cap.</p>
<p dir="ltr">Polygon’s potential rally gains credibility when considering the technical aspects. MATIC is currently touching a notable support level, a crucial juncture that could determine its future trajectory. This support level, pegged at $0.75, is seen as a make-or-break point by many traders and has historically served as a stronghold for buyers, acting as a launchpad for potential upward movements.</p>
<p dir="ltr">The resilience of this support is evident through multiple touches over the past weeks, each time successfully resisting a breakdown. While a sustained breach of this support could signal a long-term bear market, the combination of current market conditions and descending volume suggests that the bearish momentum may be subsiding rather than intensifying.</p>
<h2 id="polygon-s-past-performance-and-milestones">Polygon’s past performance and milestones</h2>
<p dir="ltr">In addition to the technical indicators, Polygon has demonstrated noteworthy performance, experiencing an 8.10% surge in price last month.&nbsp;</p>
<p dir="ltr">This surge aligned with the broader market trend of altcoins reaching new yearly highs. As revealed in an earlier&nbsp;<a href="https://u.today/meme-moguls-mgls-pre-sale-sees-new-inflow-while-polygon-matic-and-ethereum-eth-ready-for-upgrades">report</a>, MATIC peaked at $0.93 on Jan. 11, surpassing Chainlink in market cap and securing 13th place among the most valuable projects on the market.</p>
<p dir="ltr">Furthermore, Polygon's stablecoin market has seen a notable rise, reaching a six-month high of $1.4 billion. This surge reflects the network's increased transaction activity. As the project continues to expand, it remains one to watch for those seeking opportunities on the blockchain market.</p>
<p dir="ltr">The entire growth trend is solidified by active enterprise partnerships and&nbsp;<a href="https://u.today/polygon-matic-takes-giant-step-forward-to-polygon-20">steady upgrades across the board</a>.</p>

Polygon (MATIC) On-Chain Metrics Hints at Mega Rally Ahead

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