Polygon’s Price Is Close To A Big Support Zone: Could an Imminent Airdrop Skyrocket MATIC To Top 5 Coins?
Polygon, the Ethereum Layer-2 scaling powerhouse, has been making waves in the cryptocurrency world. Recently, Polygon’s native token, MATIC, has reclaimed its spot in the top 10 cryptocurrency list, boasting a market cap of $8.08 billion. This resurgence is likely due to the recent hints of a possible airdrop by Polygon’s co-founder, Sandeep Nailwal.
Matic Close To a Big Support Zone
In the preceding month, MATIC witnessed a decline in its support levels, with prices ranging from $1 to $0.95. This decline can primarily be attributed to a decrease in demand for the cryptocurrency. As a result, these previously established support levels now act as resistance levels for the price of MATIC.
The current market conditions indicate a renewed downward trajectory for MATIC, with a projected price range between $0.82 and $0.74. However, it is worth noting that within this range, a robust upward trend has emerged, suggesting the possibility of a retest of this support level that could elicit a positive response from the market.
Furthermore, it is plausible to consider that the correction in the price of MATIC may find resolution within the aforementioned range, at least in the short term. Presently, the price is situated within a descending channel, indicating a bearish trend. However, if MATIC reaches the initial support range and receives a favorable reaction from traders and investors, it is reasonable to anticipate a positive fluctuation in price towards the upper boundary of the descending channel.
zkEVM Airdrop
Nailwal has been actively promoting Polygon zkEVM, a network that has seen an uptick in activity following his hints of an airdrop. The total value locked (TVL) on Polygon zkEVM has hit $14 million, a significant increase from $2 million just a week ago. This increase in TVL suggests that users are flocking to the network in anticipation of a potential airdrop. However, it’s important to note that TVL does not necessarily indicate the security or potential of a network.
Read also: Best Projects on Polygon
In other news, Binance, the leading crypto exchange, has added support for Polygon NFTs on its new NFT ranking feature. This means that NFT traders can now explore and purchase tokens on the Polygon network directly on the Binance NFT homepage ranking board. This integration allows traders to conveniently trade NFTs on multiple blockchains, including BNB Smart Chain, Ethereum, and Polygon, using their initial Binance-based accounts.
In conclusion, Polygon’s recent developments and its reentry into the top 10 cryptocurrency list highlight its growing influence in the crypto space. However, users are advised to do their own research before deciding what network to use or where to put their funds.
