MATIC price nears lift-off, the scaling solution token could hit new all-time high
- MATIC price is hovering close to its previous all-time high of $2.92.
- Analysts predict that there is a likelihood that MATIC price continues its bull run and enters price discovery.
- On-chain activity in the Polygon network explodes as Quickswap, a decentralized exchange, witnesses a spike in active users.
The Polygon network closed the year with over 130 million addresses, while it started with 180 addresses in January 2021. MATIC price is hovering near its previous all-time high, as analysts predict a bull run.
MATIC price gears up to hit new all-time high
The Polygon network has grown significantly over the past year, starting the year with 180 addresses and closing at 130 million. MATIC price is hovering close to its previous all-time high as the token continues its uptrend.
Analysts have evaluated MATIC price trend and observed a strong bullish trend over the past few months. The next resistance for MATIC price is at $2.68. The token’s price trend is along the 25-day and 50-day moving averages.
In 2021, Polygon powered key Web3 projects in its ecosystem. Uniswap and Aave launched in the Polygon ecosystem. With the rising utility and on-chain activity, native token MATIC’s price exploded.
Quickswap, one of the largest decentralized exchanges on the Polygon network witnessed a spike in active users, exceeding SushiSwap. This implies further adoption of MATIC by traders and investors.
@ShardiB2, a crypto analyst and trader is bullish on MATIC price.
$MATIC
— Don't Follow Shardi B If You Hate Money $UST (@ShardiB2) January 3, 2022
Consolidating... needs to hold here tho.. pic.twitter.com/DQyaADGgeq
As active addresses on the Polygon network crossed 500,000 proponents expect MATIC price to hit new all-time high and enter price discovery.
FXStreet analysts have predicted that MATIC price is positioned for a massive leg up as the token remains in the bull market.
Author
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.
