Polygon (MATIC) holds above a key level as bulls target $1
Polygon (MATIC) price is set above $0.85, a key support level that could see a bull's eye of $1 in the coming weeks. Developments in the crypto and Polygon ecosystem could push MATIC upwards.
Polygon (MATIC) price continues to hold above $0.85, a key level above which buyers may target the psychological $1 barrier. While the broader market has cooled amid expected thin trading this Christmas holiday week, MATIC could still see a big turnaround.
Could it be one of the top altcoins under $1 in the market today? Here's a look at Polygon's pricing.
Polygon “Underdog”?
Polygon has not experienced the price explosion that some coins have seen in 2023 as a whole or in recent weeks. But Polygon's Zero Knowledge EVM (zkEVM) technology, Chain Development Kit (CDK) and MATIC's migration to POL represent some of the key developments for blockchain during the year.
Polygon recently merged with Chainlink Data Feeds, a move hailed as a “game changer” for the decentralized finance (DeFi) space.
Despite these, Polygon founder Sandeep Nilwal thinks that layer-2 blockchains are “downstream” in the ecosystem.
Polygon is back to its best position: being underdog
NGL has been a painful journey throughout 2023, but now, we feel incredibly free to be villains again.
– Sandeep Nailwal | Sandy. Polygon 💜 (@sandeepnailwal) December 24, 2023
MATIC price remains above the key level
Polygon (MATIC) has not traded above the $1 mark since May of this year. Polygon bulls moved in November and earlier this month when they met the price level. MATIC/USD reached $0.98 on November 14th and $0.94 on December 9th.
Although prices fell to $0.76 on December 19, bulls will look to hold above $0.85 on December 25.
Bearish sentiment in the market and in the Polygon ecosystem could help keep prices from falling below $0.80. In this case, recent tests of highs near $1 could be on the cards before the end of the year.
One of the most anticipated areas that will help you to gain more profit during the year may include the Bitcoin ETF. According to analysts and market experts, the US Securities and Exchange Commission (SEC) may finally hope to recognize Bitcoin ETFs on January 10, 2024.
