The Polygon price is in a relentless rally even as other popular cryptocurrencies like Bitcoin and Ethereum recoil. MATIC is trading at $2.66, which is slightly below its all-time high of $2.75. This brings its gains since August to more than 300% while its total market capitalization has risen to more than $18 billion.
The MATIC price has risen in the past three straight days. The rally in the past 24 hours is mostly because of Uniswap, one of the biggest decentralized finance (DeFi) platforms in the world.
In a statement, Polygon confirmed that Uniswap had launched in its platform. This is a notable thing considering how big Uniswap is. According to DeFi Llama, it has a total value locked (TVL) of more than $8.3 billion. Its native token, UNI, has a market capitalization of more than $7.7 billion.
Therefore, there are signs that more Ethereum tokens will keep launching on Polygon, which has become the most popular layer 2 platform in the world.
The daily chart shows that the MATIC price has had a spectacular recovery in the past few months. This support is being supported by the ascending trendline that connects the lowest levels since July. At the same time, the bullish trend is being supported by the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has also been in a bullish trend.
Now, the price is a few points below its all-time high. It is also slightly below the upper side of the ascending channel. Therefore, there is a possibility that the Polygon price will keep rising as bulls target the key resistance at $3.5. This bullish trend will remain as long as the price is above the 25-day and 50-day moving averages.
This post was last modified on %s = human-readable time difference 04:27