MATIC price could rally 20% fueled by yet another positive development on the Polygon network
- Polygon Labs has signed a multi-year agreement with Google Cloud's cloud computing division.
- The network has also launched the bridge for its zkEVM.
- MATIC price has turned bullish on these developments, with a 20% breakout underway.
Polygon (MATIC) price is on course for more gains riding on recent network news. In the latest report, Polygon Labs revealed a strategic partnership recently formed with Google Cloud. Based on the report, the deal is a multi-year agreement with Google's cloud computing division, as announced by both companies on April 27.
Polygon partners with Google Cloud
As part of the terms of the agreement, Google Cloud will leverage a fully managed node hosting service to provide customers with automatic access to Polygon blockchain nodes.
@googlecloud ☁️ @0xPolygon
— Polygon (Labs) (@0xPolygonLabs) April 27, 2023
Google Cloud will help accelerate adoption of core Polygon protocols w/ enterprise infrastructure & tools.
strategic alliance to increase transaction throughput enabling use cases in gaming, supply chain & DeFi #onPolygonhttps://t.co/POKztinzKP pic.twitter.com/r5P94YaQDt
Further, Google Cloud will also contribute cloud services that bolster Polygon's new zkEVM scaling solution. In a statement by Polygon Labs, the network highlighted that executing the network's zero-knowledge proofs on Google Cloud is "significantly faster and cheaper" than its current method.
Furthermore, the Polygon Labs-Google Cloud will also deliver features associated with the Polygon Supernets, otherwise deemed a "dedicated app chain." Notably, this could occur by the end of the third quarter of 2023.
In addition, new Polygon-backed startups will be able to receive funding including $200,000 in Google Cloud credits. The funding will be part of a wider set of benefits extending to other Web3-related startups, as Google Cloud declared on April 25.
In closing, the partnership announcement underscores that Google Cloud already offers some support for Polygon. This comes as Polygon proof-of-stake (PoS) nodes are available through the Google Cloud marketplace, with Polygon having been active in Google Cloud datasets since 2021.
Polygon launches zkEVM Bridge
As reported, the network has also unveiled the Polygon zkEVM, a remarkable innovation set to enhance the user experience (UX) while amplifying the Ethereum mainnet's potential.
Introducing Polygon Bridge to Polygon #zkEVM
— Polygon (@0xPolygon) April 26, 2023
Better Bridge
Fast Finality
Asset Support
No Mapping Required
More: https://t.co/1P8dglhLcL pic.twitter.com/clypNXSYQq
With this move, users can withdraw funds from the Ethereum mainnet in as little as 30-60 minutes while growing support for ERC-20 and ERC-777 tokens.
Polygon price could rally 20% amid positive network news
Polygon price appears ready for a breakout drawing strength from the recent positive developments in the network. At the time of writing, the altcoin is auctioning at $1.010 after gaining around 3% in the past 24 hours.
An increase in buying pressure above the current level could send Polygon price up toward its target. This is possible considering the position of the 100-, 50-, and 200-day Exponential Moving Averages (EMA) at $1.016, $1.104, and $1.153, respectively, passing as potential buyer congestion zones where sidelined investors could buy in and fuel the uptrend.
Such a move could see the Polygon price tag at the $1.200 resistance level, denoting a 20% ascent from the current price. MATIC could reach a step higher to the $1.377 resistance level in highly bullish cases, thereby reclaiming the mid-February highs.
MATIC/USDT 1-day chart
Conversely, if bears recover the market, Polygon price could drop below the immediate support at $0.950 before a neck down toward $0.754.
Also Read: MATIC price recovery catalysts to watch out for in the Polygon ecosystem
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
