Polygon extended its strong 2024 performance by rallying over 6% in the last 24 hours. MATIC currently trades at $0.87 after bouncing off support at $0.82. Its market cap stands above $8.4 billion.
Driving Polygon’s ongoing momentum is a series of network upgrade announcements alongside improving sentiment and technicals around the wider altcoin market.
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Fundamental Catalysts: zkEVM and Aggregation Milestones
From a development activity perspective, Polygon launched a major zero-knowledge EVM (zkEVM) upgrade dubbed Type-1 this week. This introduces advanced cryptography to enable private transactions at a fraction of the cost of Ethereum.
Additionally, the team confirmed its much-anticipated Aggregation v1 mainnet upgrade will go live on February 23rd. This functionality will allow seamless transfers between Polygon and other EVM-compatible chains, forming a multi-chain ecosystem.
These ongoing upgrades continue to cement Polygon’s reputation as the leading Layer-2 scaling solution for Ethereum, – reflected in its price outperformance.
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Show more +Technical Analysis: Breakout Imminent
Analyzing MATIC’s medium-term price action, analyst Mohsin Ali points to a bullish setup targeting the $1.09 level in the short term. This aligns with altFINS’ view of identifying a bullish sideways channel between $0.75 and $1.
AltFINS suggests swing traders enter longs near channel support around $0.75 and book profits near the $1 resistance. The pattern offers a potential 35% gain if executed correctly.
Notably, MATIC appears on the verge of breaking above the topside channel resistance and 200-day moving average around $1. According to altFINS, such a decisive action could pave the way for a $1.25 retest.
Source: altFINS – Start using it today
With Polygon firing on all cylinders, both from a development and community perspective, and a constructive chart setup, the stage looks set for MATIC to continue outperforming the market.
Savvy traders can look to time entries during temporary dips with a combination of on-chain and technical analysis. MATIC’s dedicated leadership team continues to set the bar for Ethereum’s scaling solutions.
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