Attention Shifts to Polygon (MATIC) as Solana Rally Cools
The recent explosive rally in Solana (SOL) has cooled down, and now attention is turning to another altcoin, Polygon (MATIC). In the past 24 hours, MATIC has surged more than 20%, surpassing the $1.0 per token mark for the first time in over six months. Over the past seven days, MATIC’s price has risen nearly 40%, bringing it almost 120% higher than its October lows.
One reason for MATIC’s recent gains could be the increased activity on the Polygon network. Daily transactions on the network have been elevated for the past six weeks, accompanied by higher network fees and decentralized exchange (DEX) trading volumes. These metrics indicate growing adoption and user interaction with protocols built on Polygon.
Polygon (MATIC) Price Prediction – Potential for Top 10 Coin Status
MATIC’s technical analysis also suggests further growth potential. It recently broke out of a pennant structure that had formed over the past two months. Bulls will be looking for a near-term test of resistance levels at $1.20 and $1.25, followed by a medium-term test of resistance in the early 2023 highs around the $1.50s. This could lead to quick near-term gains of up to 50%.
If MATIC continues its upward trajectory, it could become a top 10 cryptocurrency in terms of market capitalization. With its current market cap just above $10 billion, it could surpass Dogecoin, which currently holds the 10th spot with a market cap of just over $13 billion. However, it will face competition from Polkadot (DOT), which sits just ahead of MATIC in the crypto rankings.
Hot Take: MATIC’s Potential for Top 10 Status in 2024
Polygon (MATIC) has captured the attention of crypto enthusiasts as Solana’s rally subsides. With its recent surge in price and growing adoption on the Polygon network, MATIC has the potential to become a top 10 cryptocurrency. Technical analysis suggests further gains in the near and medium term, with resistance levels to watch at $1.20, $1.25, and the early 2023 highs around the $1.50s. If it continues on this trajectory, MATIC could surpass Dogecoin in market capitalization and secure a top 10 spot. However, it will face competition from Polkadot. Keep an eye on MATIC’s performance in the coming years as it strives for top 10 status.
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