Token

April

Polygon

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<h2 id="what-is-matic">What is MATIC?</h2>
<p>MATIC is the native token of Polygon, a blockchain platform that aims to create a multi-chain system compatible with Ethereum. Polygon supports decentralized applications (dApps) like DeFi, DAOs and NFTs.</p>
<p>Originally launched as Matic Network in 2017, it rebranded to Polygon in February 2021 to expand from a single Layer 2 scaling solution to a comprehensive platform integrating multiple Layer 2 solutions and standalone blockchains. Polygon uses a proof-of-stake consensus mechanism, similar to Ethereum, and the MATIC token is ERC-20 compatible. Polygon Labs operates it.</p>
<h2 id="matic-price-history">MATIC price history</h2>
<p>MATIC reached a peak of $2.92 in December 2021 but has since declined to $0.71 as of June 7, a nearly 76% drop. This decline is notable given the recent bullish trends in the broader crypto market.</p>
<img height="340" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdiw3WNGVjjpbTosqF93PYC6qyra3U5phlxQcp7OJZzOfOJLD5jwq3FDw4SlKxMHa-TF_Vc6ydZuAiqcO3T2ir9WmTNv0uOfjaPQw5Br19WDtfs6fNghJGN4KRSvMxGEdNnORq0errVKY2xL07Vp7Yi7yA?key=NzreMZDOx8U59yvWI055pw" width="624">Source: CoinMarketCap
<p>Over the past two months, MATIC has consistently traded below the EMA 100, indicating a bearish trend. The last significant attempt to break above the EMA 100 was on April 9. A breakout could see the price ascend to higher resistance levels, including the 0.5 Fibonacci level between $0.78 and $0.80.</p>
<h2 id="potential-rally-in-june">Potential rally in June</h2>
<p>MATIC is considered a "sleeping giant" by holders who see strong growth potential. Many users stake their tokens to earn passive income, with staking yields around 3%. Polygon's recent Napoli upgrade aims to enhance scalability and performance, which could positively impact MATIC's price.</p>
<p>The MVRV ratio, using a 365-day moving average, has shown a buy signal with a value of -12.58%. This ratio compares MATIC’s current market price to the average acquisition price of all tokens.</p>
<img height="211" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc2zXHdzYyC5ErG8VCBdnRhYjJzjj7eaGdFwTSL0cV1G35oIjrkNZPiaYxiXubhsDCYVYGn8c1kzP6tZ0E7s4SZo4XNxIHMyoRIwpCboD9_1-TCIFiX4U3V4rT9l2hgarMm0zrYsNgFHYb3rfnPkrOSOo4f?key=NzreMZDOx8U59yvWI055pw" width="624">Source: Santiment
<p>According to the "State of Polygon Q1 2024" report by Messari, Polygon's gaming activity surged in Q1, 2024, with daily gaming addresses increasing by 1,615% to 207,000 and daily gaming transactions rising by 469% to 734,000, driven mainly by MATR1X FIRE.</p>
<p>Key developments in Polygon's gaming ecosystem include the launch of the $100 million Inevitable Games Fund by Immutable, King River Capital and Polygon Labs, and Square Enix's collaboration with Animoca Brands for the NFT game Symbiogenesis.</p>
<p>Other growth metrics include:</p>Polygon's stablecoin market value increased to $1.5 billion, a 19% quarterly rise, with USDT leading at $792 million.DeFi daily active addresses increased by 67% quarter over quarter to 50,000.
<p>Although NFTs and social activities saw less growth, they also experienced increased activity.</p>
<img height="351" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc4aD2VL1NSiUEaAwqpsneRQ-x6qfCdMoWcv-JtgEDnjur0G9XH2XZboVBV-LZkYmvMceW1QEt2-wPh0F7PXunXJ9h0yxN_mawYIqcHANfl7SkNQKWrPFb1CHxhKk45Ol39XcDCIaxZLpwajphT6tOy3iKv?key=NzreMZDOx8U59yvWI055pw" width="624">Source: Token Terminal&nbsp;
<p>Overall, these developments indicate strong performance for Polygon in the upcoming months, though the exact scale and longevity of a potential rally remain uncertain.</p>

Key Reasons Why Polygon (MATIC) Price Might Skyrocket

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