Polygon worth has had a tough efficiency this yr, with its token plunging to a file low following its transition from MATIC to POL. It dropped to a low of $0.1045, down 86% from its November 2021 excessive, erasing billions of {dollars} in market worth.
Polygon Value Has Crashed Regardless of Bullish Metrics
The POL token has crashed this yr regardless of the community having one among its finest performances throughout key metrics and rating among the many prime within the crypto business.
For instance, knowledge compiled by GrowThePie exhibits that Polygon was one of many best-performing gamers within the layer-2 business this yr, helped by the recognition of Polymarket, the second-biggest participant within the prediction market business.
Polygon’s month-to-month active addresses have jumped by over 102% within the final 12 months to over 14 million. This determine was a lot greater than these of Base, Optimism, and Arbitrum in the identical interval.
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The community additionally had a sooner transaction progress than different layer-2 networks within the crypto business. Its transaction depend within the final 12 months jumped by 89% in comparison with Base’s 62%. Polygon processed over 182 million transactions within the final 30 days, up 24% from the earlier 30-day interval.
Polygon has additionally turn into a serious participant within the stablecoin business, with many corporations selecting it. Its stablecoin provide has jumped by 30% within the final 12 months to the present $2.27 billion. The community processed stablecoin transactions totaling over $29.9 billion previously 30 days.
It just lately secured prime partnerships with corporations like Shift4 Funds, Mastercard, and Revolut for its stablecoin funds. Shift4 Funds is a serious firm with a market capitalization of over $5.4 billion, whereas Revolut has hundreds of thousands of consumers and a valuation of over $70 billion. Different corporations utilizing Polygon for funds are Rain, Coinbase, and MoonPay.
In the meantime, Polygon just lately launched the Madhugiri improve, which has made it sooner. It decreased the block time to 1 second and boosted its throughput to 1,400 transactions per second from 1,000. The improve additionally improved its integration with Ethereum’s Fusaka improve.
Polygon has additionally continued to generate hundreds of thousands in charges as its use has bounced over the previous few years. A portion of the POL charges from Polygon PoS and AggLayer is incinerated, and the rest is moved to stakers.
As well as, Polygon has a number of the finest tokenomics within the crypto business, with a present provide of 10.5 billion and a most provide of 12.1 billion. In contrast to different tokens, there will probably be no extra token unlocks sooner or later, which is an efficient factor.
POL Value Technical Evaluation
The day by day timeframe chart exhibits that the Polygon worth has been in a robust downward development previously few months and is now at its all-time low. It has moved beneath the essential help stage at $0.1520, its lowest stage in April, confirming the bearish outlook.
On the optimistic facet, the token has shaped an enormous falling wedge sample, with its two traces about to converge. A wedge is without doubt one of the hottest bullish reversal indicators in technical evaluation.
Due to this fact, the almost definitely Polygon crypto worth prediction is bullish, with the preliminary goal being at $0.1520. A transfer above that stage will level to extra positive aspects, doubtlessly to the important thing resistance stage at $0.2970, its highest level in August.
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