Disney announced it will be bringing on the Polygon Network as a participant in its 2022 edition of Accelerator Program.
MATIC has surged over 44% since the news broke on 14 July, 2022.
- MATIC has a strong technical structure and it may see some profit booking at current levels, but is poised for a sustain recovery in the coming week.
POLYGON’S SELECTION FOR DISNEY’S ACCELERATOR PROGRAM 2022
Before we move into the actual announcement, let us understand first what Disney’s Accelerator Program actually means.
What is Disney Accelerator Program?
The Accelerator Program is essentially an effort that is aimed at growing Disney’s market share in the growing non-fungible token (NFT) market, artificial intelligence (AI) and augmented reality (AR) sectors. To that end, Disney had decided to bring on a partner which is well versed with the entire Web3 space and the crypto space at large.
Thus, on 14 July, 2022 – Disney announced Polygon (MATIC) as the sole crypto participant of the company’s 2022 edition of the Accelerator Program.
Raise your hand if you remember your first Disney experience like it was yesterday 🙋🏻♀️ #disneyfeels
We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X
— Polygon – MATIC 💚 (@0xPolygon) July 13, 2022
WHY DISNEY CHOOSE POLYGON FOR ITS ACCELERATOR PROGRAM 2022
The reason behind this decision by Disney is a two pronged one. First, Disney is a very outward looking company that is greatly focusing on good technology and innovation in the creative space to stay ahead of the competition. Disney has a ton of intellectual property in terms of characters and stories and is looking to leverage those to the fullest extent and bring about value to the company and its stakeholders and investors.
Secondly, Polygon is one of the strong contenders in the crypto space when it comes to development and innovation. It is very close behind some of the biggest names in the business like Ethereum and Binance Smart Chain. Very recently it acted quickly to bring about the migration of a huge collection of wildly popular NFTs from the flailing Terra ecosystem onto their own Polygon ecosystem. All of these combined reasons is undoubtedly the key drivers behind Disney’s choice to pick up Polygon for the Accelerator Program. For Disney, a company that’s looking to grow “immersive experiences” within its portfolio, this partnership appears to make a lot of sense.
Some of the other companies joining Disney’s Accelerator Program 2022 are Web3 social media app Flickplay, artificial intelligence platform Inworld, Web3 storytelling platform Lockerverse, augmented reality company Red 6, and Obsess, an “experimental” e-commerce platform.
Disney has even announced that they would provide investment capital to selected companies. Moreover, Disney’s top leadership would guide all the participants of the program. Furthermore, the selected companies would also be assigned one executive mentor.
Additional Read: Terra Projects moving to Polygon Ecosystem
WHAT THIS MOVE MEANS FOR DISNEY AND POLYGON NETWORK
So far, it is still unclear as to how Disney will decide to take advantage of its exclusive IPs in the ever expanding world of NFTs and metaverse. What is clear though is that it is taking definitive steps towards being a part of that industry and from that perspective, it makes a lot of sense to bring on board Polygon.
And with Polygon’s unique scaling network on the Ethereum blockchain has enabled the proliferation of low-cost NFT transactions in the crypto sector. So from that point of view, this seems to be a good business decision too – enabling the availability of unique Disney NFTs affordably accessible to the Disney consumer, which is usually quite young.
For Disney, this appears to be a key selling point, as it is looking to capitalize on projects that make this space affordable for the Disney consumer.
From Polygon’s point perspective, this would give them a huge boost of credibility in the traditional business space. This will give them another scope to bring about organic legitimacy in the crypto world and eventually expand its ecosystem.
MATIC PRICE AFTER DISNEY’S ANNOUNCEMENT: TECHNICAL OVERVIEW
From a technical perspective, MATIC has been recovering strongly on the charts. In the past week alone, MATIC has rallied over 72%, while Disney’s announcement of adding Polygon as the sole blockchain company in its Accelerator Program 2022 has pushed MATIC’s prices over 44% (as depicted on the chart.
Check latest MATIC INR Price, Charts, and Data.
However, its rally has been going on for quite some time after it touched lows of around $0.32 on 19 June, bottoming out. Since then it has rallied nearly 3x and has resulted in the creation of a strong uptrend channel (marked in grey). Now, all things considered, a small correction may be on the cards to ease some of the buying that is taking place. Some profit booking at current levels will enable the continuation of a slightly longer term rally. This is because typically a one sided move for too long results in a massive crash, while slow and steady rallies with occasional profit booking along the way makes for a sustained bullishness.
Even the RSI is very close to the overbought region, trading at around 78 at the time of writing this. But it is undeniable that there is a strong bullish momentum in the token and it can be expected to continue going forward. It might as well be one of the key contributors to the rally that may ensue in the coming week.
The next critical level of resistance for MATIC would be around $1.2 and eventually $1.8. The timeline for the same is difficult to chart out under current circumstances, however.
Additional Read: MATIC Technical Analysis
HOW TO BUY AND INVEST IN POLYGON (MATIC)?
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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