Polygon (MATIC) Gearing Up for a Bullish Surge
Recent developments suggest that Polygon (MATIC) is entering the parabolic phase of the confirmed bull market. Since a successful rebound in October of the previous year, MATIC, gradually transitioning into a POL token through the Polygon 2.0 economics, has seen an impressive rise of over 83 percent.
Despite being a mid-cap altcoin with a fully diluted valuation of $9.2 billion and a 24-hour trading volume of around $520 million, MATIC has been in a horizontal consolidation phase for the past three months. This consolidation has attracted significant buyers looking to capitalize on the confirmed bull cycle.
Polygon Team’s Strategic Moves
During the challenging period of the 2022/2023 crypto winter, when on-chain activity was notably low, Polygon’s core developers focused on building different infrastructures to facilitate the mass adoption of Ethereum smart contracts. In response to the competition from emerging layer-one blockchains like Solana (SOL) and Cardano (ADA) for dominance in the web3 ecosystem, Polygon took strategic steps.
One of Polygon’s recent moves to compete with other layer-two chains, such as Arbitrum (ARB) and Optimism (OP), was the implementation of the Etrog upgrade on the zkEVM. This upgrade brought support for four additional precompiled smart contracts, enhancing Polygon’s competitiveness.
MATIC Price Analysis by Captain Faibik
According to Captain Faibik, a renowned crypto analyst on the X platform, MATIC’s price is on the verge of a remarkable 600 percent rally in the near term. The analyst points out that MATIC’s price has formed a macro triangle since the end of the 2021 bull run and is now approaching the apex. This suggests that the altcoin is on the brink of a massive triangle bullish breakout.
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