Polygon closes 2023 at a high note as its native token, MATIC, has seen a significant rise in the past 24 hours, despite its founder highlighting a “painful ride.”
The current price of MATIC is $0.8939, accompanied by a 24-hour trading volume of $701,503,128.22. This represents a remarkable 4.20% price increase within the last 24 hours and a remarkable increase of 14.10% over the last 7 days.
Polygon founder embraces underdog status
Despite a challenging journey in 2023, Polygon founder Sandeep Nailwal recently expressed satisfaction with the platform’s underdog status. In a rack On X (formerly Twitter), Nailwal stated:
Polygon is back where being an underdog is best. I’m not going to lie, it’s been a painful ride all of 2023, but right now it feels incredibly liberating to be the underdog again.
Furthermore, Nailwal continued sketching different reasons why he believes investors should be optimistic about Polygon’s prospects.
One important feature is Ethereum Virtual machine (EVM) compatibility, allowing Polygon to replicate the Ethereum environment as a rollup. This compatibility ensures that any application running on Ethereum or other EVM-compatible chains can be deployed on zkEVM, Polygon’s layer 2 solution, with minimal modification.
Another aspect highlighted is the use of Zero-Knowledge Proofs (ZKPs) for transaction validation. By leveraging ZKPs, Polygon improves transaction speeds and reduces gas costs, addressing critical pain points that users experience on other blockchain platforms.
Scalability is one of the biggest concerns in the blockchain industry and Polygon aims to address this challenge by executing smart contracts using zero-knowledge technology.
This approach ensures “scalability without compromising decentralization” and security, strengthening the platform’s overall appeal for developers and users alike.
Additionally, Polygon’s strategic relationship with zkEVM positions the company to leverage the existing ecosystem of more than 400 decentralized applications (dApps) within the Polygon network.
This ecosystem includes a wide range of DeFi protocols, gaming platforms and NFT marketplaces. By capitalizing on this thriving ecosystem, Polygon aims to further solidify its position as a leader in the blockchain space.
Medium-term objectives and strategy for MATIC price action
Renowned analyst Captain Faibik has released an extensive report analysis of the price action for Polygon’s native token, MATIC. In his assessment, Captain Faibik identifies himself main objectives and a strategic approach for investors to take advantage of potential profits.
According to Captain Faibik’s analysis, MATIC’s medium-term targets are projected at $1.20, $1.60, $2.50 and $4.00. These targets represent potential price levels that MATIC could reach based on historical patterns.
In particular, to manage risks and protect their investments, Captain Faibik recommends implementing a stop-loss strategy. If MATIC’s weekly closing price falls below $0.55, it is suggested to exit the position.
Moreover, Captain Faibik advises investors to have a long-term mentality and hold their MATIC investment for at least 60 days. This holding period allows investors to absorb short-term price fluctuations and potentially capitalize on stated objectives.
Featured image from Shutterstock, chart from TradingView.com
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