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HomeNewsMATIC Momentum: Six Reasons Why Polygon's Price is Expected to Rebound Above...

MATIC Momentum: Six Reasons Why Polygon’s Price is Expected to Rebound Above $1 in 2024

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  • MATIC’s zero inflation and Ethereum Layer 2 status fuel bullish sentiment.
  • Technical indicators suggest a bullish momentum, with critical levels to watch at $1.000 and $0.941.

Polygon’s MATIC token stands at a pivotal juncture, signaling a potential major rally in the forthcoming weeks. This anticipation is rooted in a blend of fundamental strengths and technical indicators that paint a bullish picture for the token.

Fundamental Strengths Drive Optimism Surrounding MATIC

Zero Inflation Marks a New Era

A significant development that bolsters MATIC’s value proposition is the attainment of a 100% circulating supply. The release of the last batch of 273 million MATIC tokens marks the end of inflationary pressures, a milestone that sets Polygon apart in the crypto space.

Ethereum’s Layer 2 Luminary

As an integral Layer 2 solution for Ethereum, Polygon benefits from the broader positive sentiment enveloping the Ethereum ecosystem. This is particularly relevant in light of Uniswap’s recent fee switch announcement, which has supercharged Ethereum ecosystem tokens, including MATIC.

Reduced Selling Pressure

The liquidation of the last MATIC tokens held by the now-defunct Celsius has alleviated sell-side pressure, clearing the path for upward price movements.

Rebranding and Restructuring

The impending rebranding of MATIC to POL, as part of Polygon 2.0, is expected to enhance the token’s market perception and relevance, potentially attracting more investors and users to the platform.

The ZK and Airdrop Narratives

The growing interest in Zero-Knowledge proofs and the upgrade to zkEVM position Polygon at the forefront of technological innovation within the crypto space. Additionally, the prospect of an airdrop for POL stakers adds an element of anticipation and potential reward for the community.

Technical Analysis and Price Movements

The recent surge above the $0.941 mark, transforming it into a support level, alongside bullish signals from the Relative Strength Index and Awesome Oscillator, underscore the dominant bullish momentum from a high-time-frame perspective.

MATIC
Source: TradingView

The upcoming weekly candlestick close is crucial. A decisive close above $1.000 could catapult MATIC into a significant bullish trajectory, with targets at $1.170 and potentially the $1.560 range high.

Even, some more positive analyzes see the potential for MATIC price to shoot strongly to $2, as ETHNews had earlier detailed. At the time of writing, the price of MATIC had fallen 3.16% in the last 24 hours, fell to price of $1.01. But, this represents an increase of 4.19% over the past 7 days.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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