Polygon (MATIC) has continued to rise strongly after a week-long volatility. The token is currently trading at $1.14 so up 45.3% in monthly time.
Analysts has been very bullish after the token broke through $1.
with solid on-chain development given the current bullish sentiment for MATIC, we may see more positive price movements for the crypto in the coming days or weeks.
Polygon’s Weekly Roundup Shows Bullishness
That’s official Twitter account from Polygon produces what they call Weekly Briefings, a roundup of positive on-chain developments in the ecosystem.
In this week roundupPolygon successfully hard forked for good performance.
According to the video, the upgrade focuses on how Polygon handles reorgs and gas spikes. Reorgs are temporary copies of all ecosystem blocks. Reducing this improves the user experience of the block.
The Weekly Briefing is here. 🔥
We have a lot of exciting updates this week. caught #onPolygon & everything #Web3 with @ChadHughgins 👇🏾@fraktalwagmi @ZenGo @justape_ @theunioverse @incompetent pic.twitter.com/uKv5JejP9h
– Polygon (@0xPolygon) January 25, 2023
The reduction of gas surges will allow users and developers to save on gas costs as rate increases on demand will be smoother.
FractalWeb3’s game development platform, also coming to Polygon, further strengthens Web3’s reach in the gaming industry.
#MATIKA fire tokens! is up 9.72% in the last 24 hours and is up 37.38% since December 31st.
With a surge in daily transactions, Polygon has become the second largest blocker in terms of daily active users.
Source: @tokenterminal #BNB #ETH #Polygon # Layer 2 pic.twitter.com/HtxBrgmroF
– Elite Crypto (@TheEliteCrypto) January 27, 2023
zkEVM Polygon upgrade is also around the corner. Polygon Labs Co-Founder Sandeep Nailwal recently tweeted about this upgrade, he said that they already have a launch date for the mainnet for the upgrade.
ZkEVM is an Ethereum-compatible scaling solution that will improve the compatibility of smart contracts already built into the Ethereum network.
With $1 Broken, Investors Should Watch This Level
At the time of writing, the tokens targeting the resistance of $1.16 to regain the lost ground back on November 10. If the token closes above this resistance, the continuation of the rally can happen or MATIC bulls can try to consolidate above $1.16.
MATIC targeting the $1.16 resistance. Chart: TradingView
If the bulls fail to achieve one or both, we can see MATIC back down to the sub-$1 level or around $0.9493 some support.
Investors and traders should also watch the price movements of major cryptocurrencies like Bitcoin and Ethereum.
On Saturday, two Bitcoin and Ethereum have tried again the main resistances. If someone breaks through and integrates, MATIC will follow with other altcoins.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Positive on-chain developments will also support current price movements.
Clearing $1.16 should be the focus of investors and traders. If the token faces rejection, $0.9493 will be crucial for MATIC’s long-term prospects. But MATIC bulls could also see $1.0754 for support.
Featured image from Ethereum World News