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MATIC Price Surged over 70% over the Last 7 Days, Here’s Why?

Top Crypto News: MATIC rose by 71.87% in the last week, here’s why

Key Takeaways

  • MATIC Price closed the previous day’s close at INR 76.79 with a market capitalization of INR 590.55 billion and a circulating supply of 8.01 billion MATIC
  • Polygon price recorded the biggest spike over 70% for the first time since the market collapsed due to LUNA-UST and achieved highs at INR 78.56
  • The bullish momentum is expected to coil up, raising the price higher in the coming days to hit a 3-digit figure soon

Why is MATIC Price Going Up?

Multiple Collaborations & Partnerships

The Polygon network has been actively expanding its business irrespective of the MATIC price movements. The platform announced 3 big partnerships in the recent past including Disney, Nothing Phone and Flipkart’s Firedrops & the project announced its zkEVM launch.

Polygon’s zkEVM Announcement is the driving force behind Matic’s value surge

What is zkEVM? 

Polygon works on the Proof of Stake consensus mechanism. Polygon relies on the Ethereum blockchain for verification of transactions by commits which is also referred to as commit chain. The zK roll-up of Polygon will enable the participants to transact without revealing the transaction data which is why it is called Zero-Knowledge roll-ups. These transactions will be verified in batches. Polygon Hermez is the open-source zk roll-up technology.

What are the other factors that drove Polygon Matic Price Surge?

Rising Popularity of Polygon

The number of crypto projects including Decentralized Finance(DeFi) have been widely increased in recent times. Along with this, the layer-2 projects together with NFTs migration and integration also have fairly risen. 

More Platforms Offer Polygon Staking

Along with wider acceptance, Polygon is experiencing wider adoption there is a significant increase in the platforms that offer MATIC staking. Therefore, this may directly impact the price as the MATIC holders tend to hold the token for a long time as they would be rewarded with incentives. 

Big Revelation on the Toes

The co-founder of Polygon recently shared that the platform is about to accomplish a major milestone that would be revealed in an upcoming couple of days. 

MATIC Price Poised to Hit INR 100 Soon

Polygon

Source: Tradingview

  • The MATIC price after rebounding well from the July lows tested the upper FIB levels and after a brief consolidation, ranged towards the next levels
  • The asset during the last trading day jumped notably high but underwent a rejection as it achieved 0.78 FIB levels
  • However, the prices still hovering close to these levels and hence carry huge possibilities of slicing through these levels and achieving the upper FIB level 1 at $1.2 

Read more: MATIC Technical Analysis

What is Polygon(MATIC)?

Launch Date October 2017
Founder Jaynti Kanani & Sandeep Nailwal
Blockchain Protocol Polygon Chain
Native Token MATIC
Token Type ERC-20 Token
Market Cap INR 573.08 billion
Circulating Supply 8.01 billion MATIC
Max Supply 10 billion
Consensus Method Proof-of-Stake (PoS)

Latest Updates on Polygon 

  • Polygon, the only chain chosen to be a part of Disney’s Program

  • The Platform launched Green Blockchain Summit, an open forum for a decentralized collective of various participants working towards long sustainability of Web3

  • Reddit recently launched NFT marketplace on Polygon

  • One of the most popular exchange Robinhood enables MATIC trade

  • Polygon launched web3 specified mobile phones

Polygon On-Chain Metrics

Unique Addresses on Polygon are marking new highs nowadays. 

Polygon

Source: Polyscan 

The Polygon MVRV price had dropped finely along with the MATIC price plunge in the first few days of June. However, as the price rebounded, the MVRV ratio also flipped strongly, intending to recover at the earliest. 

Polygon

Source: Santiment

Polygon Price Prediction: Will MATIC Reach INR 200?

Polygon price currently appears to be on a path of a strong recovery and hence the bullish momentum may prevail for a long time. The price after surging by nearly 30% is facing a minor pullback which is preventing the price to smash the immediate resistance above INR 80. However, the price is expected to maintain a strong uptrend ahead and hence the prices could continue ranging towards the north. 

As huge buying pressure has mounted up, the possibilities of huge corrections are also fewer. Therefore, the MATIC price is expected to continue coiling up as the bulls regain their power and eventually uplift the price above INR 100. Continuing with the same momentum, the asset may trade very close to INR 200 by the end of July until mid-July. 

Additional Read: Polygon Price Prediction

Is MATIC Price A Good Investment Now?

With the huge collaborations and partnerships, the Polygon platform has proven to be one of the most reliant platforms. Despite the price plunge, the asset flips significantly and begins with a recovery in no time. And hence display huge potential to keep up the bullish momentum and reach new highs. Therefore, MATIC can be considered a good investment option. 

Additional Read: How MATIC Coin Works?

Prices as of 19th July, 2022

FAQs

Will MATIC's price reach INR 150 in August 2022?

MATIC price appears to be poised to hit INR 100 before the end of July and if it continues with the same momentum, it may achieve INR 150 by the end of August 2022.

What is the current price, circulating supply & market cap of the MATIC token?

The current price of MATIC is INR 72.19 with a market cap of INR 577.97 billion and a circulating supply of 8.01 billion.

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