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Analysts put a $2 target on MATIC as the Polygon ecosystem becomes widely adopted

  • Dolce & Gabbana reveals Collezioni Genesi, a debut non-fungible token collection built on the Polygon network to be auctioned on September 20.
  • The Ethereum rival expands its utility with the acquisition of layer-2 scaling solution Hermez in a key technical upgrade for the network.
  • Polygon's hold on the NFT ecosystem strengthens, 60% of OpenSea users are on the 0xPolygon network.

The latest updates on the Polygon network have fueled a bullish outlook among traders. Analysts consider that the altcoin has upside potential. 

MATIC rally widely anticipated as Polygon’s market share in DeFi and NFTs increases

Polygon network has established a strong foothold in the exploding non-fungible token ecosystem. Fashion giant Dolce & Gabbana worked on their debut NFT collection through Polygon network’s support. The brand has now scheduled the auction for September 20. 

The luxury fashion house has a nine-piece collection, “Collezione Genesi,” depicting the illustrations and digital art of pieces designed by Dolce and Gabbana. The NFTs have utility as wearables in the metaverse. 

Interestingly, the auction is exclusive and “approved bidders” are allowed to participate in it. 

Dolce & Gabbana tweeted:

Dolce & Gabbana has led the fashion industry forward and their association with MATIC for their NFT debut has fueled a positive outlook in the altcoin’s holders and traders. The community is now awaiting the announcement of Polygon’s integration with Coinbase, the world’s second largest crypto exchange. 

Coinbase chose Polygon as a scaling solution to reduce transaction costs and level the playing field for retail traders, however, the exchange is yet to set a date for the upgrade. The announcement is expected to positively impact traders’ sentiments on MATIC. 

Among key technical updates planned by the Polygon network is the acquisition of Hermez, a zero-knowledge roll-up. Hermez’s network facilitates hundreds of transfers off-chain and generates cryptographic proof as validity and posts it on Layer 1. 

Polygon’s acquisition of Hermez for a total of $250 million boosts the Ethereum rivals technical infrastructure. 

The competition between MATIC and ETH ensues as Polygon makes attempts to claim a bigger share of the NFT ecosystem. About 60% of users of the world’s largest peer-to-peer NFT marketplace, OpenSea, are on Ethereum’s rival network, Polygon. 

Analysts expect technical upgrades in the Polygon blockchain to trigger a price rally. A pseudonymous analyst on crypto Twitter, @AltcoinSherpa expects MATIC to hit $2 soon. 

FXStreet analysts state that the altcoin has already bottomed out and is now ready for a bull run.  

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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