Polygon price prediction as expert warns MATIC could nosedive
Polygon (MATIC) has bucked the pattern amongst main altcoins this yr, witnessing a uncommon detrimental worth efficiency since January 1.
The cryptocurrency’s worth has plummeted as a result of components corresponding to delistings prompted by US Securities and Trade Fee (SEC) scrutiny and the current broader market downturn. This downturn has put Polygon’s resilience to the take a look at, highlighting the challenges altcoins can face in a risky market.
MATIC going through potential 27% draw back
Moreover, the prolonged decline in MATIC’s worth has raised issues about its susceptibility to additional drops, crypto analyst Ali Martinez stressed on August 28.
Presently hovering barely above the pivotal help at $0.54, a breach of this stage may expose Polygon to extra dangers, probably resulting in a descent in direction of the $0.40 mark, implying a doable draw back of greater than 27%.
In response to Martinez, this very important help at $0.40 is at the moment being “guarded by 3,770 addresses holding over 70 million MATIC.”
Polygon worth evaluation
On the time of publication on August 29, MATIC was altering arms at $0.56, up 1.38% previously 24 hours.
Over the previous week, the altcoin gained round 1.6% whereas dropping over 21% on the month. Notably, MATIC’s market cap declined by practically $1.5 billion throughout this 30-day interval.
12 months-to-date, MATIC is down about 26.5%, in distinction to different main altcoins corresponding to XRP (XRP), Solana (SOL), and Ethereum (ETH) which noticed noteworthy positive factors for the reason that begin of 2023.
Polygon co-founder shares replace on Polygon 2.0
In the meantime, Polygon co-founder Sandeep Nailwal revealed an necessary replace on August 28 concerning MATIC’s migration to a brand new POL token – a transfer outlined within the Polygon 2.0 proposal earlier this yr.
Particularly, within the publish, Sandeep defined how Polygon customers can simply migrate to POL with out dropping their MATIC rewards which can be at the moment staked.
Nailwal highlighted that POL provides the benefits of multi-chain staking with out the extra dangers of restaking. Specifically, Polygon 2.0 would permit the blockchain’s ecosystem to develop from a single chain to an ecosystem of layer-2 chains that may simply interoperate and share liquidity with one another.
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