Despite the industry being in a crypto winter, Matic has continued to outperform the markets and is seeing its prices rise with each passing trading session. For example, in July, Matic’s price rose by 92 per cent, and it had one of the largest jumps for the month of any cryptocurrency in the market today.
Data also shows that the surge in price has also coincided with traction on the cryptocurrency. At its peak in July, Matic saw some trading sessions recording a trading volume of over $2.3 billion. However, the sudden surge in interest is not complicated to see, and the reason behind it is not surprising.
Last month, Polygon Matic was added to Robinhood, one of the largest trading platforms, with millions of users. The addition may have played a part in its growth by giving access to millions of cryptocurrency investors who otherwise could not have accessed the crypto.
The platform’s growth also has to do with Q2 platform development that saw it reduce network fees when doing business using the platform on its decentralized app. There was also a surge in the number of developers publishing their first contract on the platform, totalling an impressive 90,000.
Looking at the chart below, my Matic price prediction expects the price to continue growing despite aggressively bearish the past few days. Based on July’s price action, the current drop in price is short-term.
Therefore, I expect the current bearish trend to end soon. I expect the prices to start increasing, and we will see Matic trading above the $1 price level again. Looking at the chart, there is also a high likelihood that we will see prices proceed for the long-term; prices will hit the $1.5 psychological level.
However, should the prices continue dropping and hit the July 27 trading session price low of $0.76, then my bullish analysis will be invalidated. It will also mean the prices will likely continue moving downwards and possibly hit the $0.72 support level.
This post was last modified on %s = human-readable time difference 15:15