Polygon is closing out 2023 on a excessive word as its native token, MATIC, has skilled a big surge over the previous 24 hours, regardless of what its founder highlighted as a “painful experience.”
The present worth of MATIC is $0.8939, with a 24-hour buying and selling quantity of $701,503,128.22. This represents a notable enhance of 4.20% throughout the final 24 hours and a notable enhance of 14.10% throughout the final 7 days.
Polygon’s founder embraces underdog standing
Regardless of a difficult journey all through 2023, Polygon’s founder, Sandeep Nailwal, not too long ago expressed his satisfaction over the platform’s underdog standing. In an announcement on X (previously Twitter), Nailwal mentioned:
Polygon is again to the place it’s best at being the underdog. Not gonna lie, it has been a painful journey all through 2023, however proper now, being the underdog once more feels extremely liberating.
Moreover, Nailwal outlined a number of explanation why he believes traders ought to really feel optimistic about Polygon’s prospects.
A key characteristic is Ethereum Digital Machine (EVM) compatibility, which permits Polygon to copy the Ethereum surroundings as a rollup. This compatibility ensures that any utility operating on Ethereum or different EVM-compatible chains might be deployed on Polygon’s Layer 2 resolution, zkEVM, with minimal modifications.
One other facet highlighted is the usage of zero-knowledge proofs (ZKP) for transaction verification. By leveraging ZKPs, Polygon will increase transaction speeds and reduces gasoline charges, addressing key ache factors skilled by customers on different blockchain platforms.
Scalability is a paramount concern within the blockchain business, and Polygon goals to deal with this problem by executing good contracts utilizing zero-knowledge know-how.
This strategy ensures “scalability with out compromising decentralization” and safety, growing the general attraction of the platform for builders and customers alike.
Moreover, Polygon’s strategic affiliation with zkEVM positions it to leverage the prevailing ecosystem of over 400 decentralized functions (dApps) throughout the Polygon community.
This ecosystem features a various vary of DeFi protocols, gaming platforms, and NFT marketplaces. By leveraging this thriving ecosystem, Polygon goals to additional solidify its place as a frontrunner within the blockchain house.
Medium-term targets and technique for MATIC worth motion
Famend analyst Captain Fabic has launched a complete evaluation of the value motion for Polygon’s native token, MATIC. In its evaluation, Captain Fabic has recognized key targets and a strategic strategy to capitalize on potential returns for traders.
In keeping with Captain Fabic’s evaluation, MATIC’s medium-term targets are estimated at $1.20, $1.60, $2.50, and $4.00. These targets characterize potential worth ranges that MATIC may attain primarily based on historic patterns.
Particularly, to handle danger and shield your investments, Captain Fabik recommends implementing a stop-loss technique. If the weekly closing worth of MATIC falls beneath $0.55, it’s urged to exit the place.
Moreover, Captain Fabik advises traders to undertake a long-term mindset and maintain their MATIC investments for a minimum of 60 days. This holding interval permits traders to take care of short-term worth fluctuations and doubtlessly deploy capital on recognized speculative targets.
Featured picture from Shutterstock, chart from tradingview.com
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