Analysts believe Polygon entered new bull run that pushes MATIC price to $2.56

  • Coinbase integrating Polygon network as Ethereum layer-2 scaling solution, likely to have a bullish impact on MATIC price.
  • As retail and institutional interest in MATIC surges, the altcoin gears up for a price rally.
  • 74% of wallet addresses holding MATIC are currently profitable, analysts set a price target at $2.56.

As transaction fees on Ethereum continue to rise, layer-two scaling solution Polygon(MATIC) has become increasingly relevant. MATIC’s relative social and market activity has increased since Coinbase’s integration announcement. 

Polygon gears up for a price rally as institutional interest in MATIC rises 

More exchanges and institutions are now turning to Ethereum scaling solutions to tackle the rising gas fees. The world’s second-largest exchange, Coinbase, recently announced the integration of MATIC as its layer-two solution. The exchange expects to level the playing field for retail traders by offering reduced fees and transaction times. 

Traders expect to see a rise in transactions on the Polygon network following the integration by Coinbase. As of September 2, the number of daily transactions is 6 million, up 42% in the past 30 days based on data from Dune Analytics. 

The increase in on-chain activity is indicative of the rising interest of institutional and retail traders. 


Polygon transactions on the network

Polygon: Transactions on the network

Alongside an increase in on-chain activity, the altcoin’s price has rallied consistently. MATIC is trading at the $1.44 level, posting nearly 40% gains within a month. Analysts expect the rally to be a prolonged one.

Based on IntoTheBlock data, 74% of wallet addresses holding Polygon’s MATIC are currently profitable. This implies that the altcoin has support at the price levels where these wallet addresses accumulated. Therefore, the likelihood of a price drop is relatively low. 

The altcoin analyst behind the Twitter handle @AltcoinSherpa states that $1.70 is a level to watch out for.

FXStreet analysts have predicted that Polygon has bottomed out and MATIC is showing a bullish pattern. The altcoin is primed for at least a 57% upswing, which sets the target at $2.56.  


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Omicron crypto surges over 200% after being named as new COVID-19 variant

While cryptocurrency prices retraced after the new coronavirus variant Omicron emerged earlier this week, the digital asset with the same name gained popularity and surged over 200%. The small-cap crypto describes itself as a decentralized reserve currency on the Abribtrum Network.

More Cryptocurrencies News

SafeMoon price dips into buy zone, hints at the start of an 80% bull run

SafeMoon price saw its uptrend face a massive blockade, triggering the start of a huge pullback. Due to the retest of a bullish zone, market participants can expect SAFEMOON to restart its bull rally. SafeMoon price rose 484% from its low at $0.00000104 to $0.00000609 in a month.

More SafeMoon news

Basic Attention Token bucks downtrend with explosive rally to new all-time high

Basic Attention Token has snubbed the crypto downtrend and hit a new all-time high above $1.90. Brave browser has crossed 42 million active users, and BAT token utility is on the rise. Analysts predict a rally in the token.

More Cryptocurrencies news

Vitalik Buterin announces Ethereum scaling roadmap using the Graph protocol

Ethereum co-founder Vitalik Buterin revealed a strategic roadmap to expand the available data space for rollups using Graph protocol. The token’s trade volume has increased, and analysts expect an upwards move in GRT price. 

More Ethereum news

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!