Why is Polygon (MATIC) Price Up?

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.

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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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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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.