- MATIC price is primed for a 36% upswing in the ongoing cycle.
- The Ethereum scaling solution hit a new milestone powering 7,000 decentralized applications on its blockchain network.
- $3.9 billion in MATIC is staked, keeping the altcoin’s network secure and stable.
MATIC price has dropped over 10% in the past week and struggled to recover from the drop. The network has powered 7,000 dApps, hitting a key milestone and fueling a bullish narrative for the Ethereum scaling solution.
MATIC price could push higher in the ongoing cycle
MATIC price has plummeted 10% over the past week in an overall sinking crypto market. The Ethereum scaling solution has hit a new milestone, powering 7,000 decentralized applications on its blockchain network.
Interestingly, over $3.9 billion worth of MATIC has been staked, ensuring the stability and security of the Ethereum scaling solution. The network’s adoption has increased consistently, hitting key milestones and driving the number of MATIC users higher.
In the case of Ethereum, staked ETH tokens are pulled out of circulation, fueling a bullish narrative and pushing the price higher. Similarly, staked MATIC tokens could propel Polygon’s price higher.
The number of Polygon validators is currently capped at 100. These validators have over 2.7 billion MATIC tokens locked up in their ecosystem. Over 483 million MATIC tokens are distributed in total rewards among 100 validators.
FXStreet analysts have evaluated the MATIC price trend and predict a 36% upswing in the altcoin. Analysts have noted an ascending or rising wedge in the MATIC price trend, considered a bullish sign for the Ethereum scaling solution.
There could be a 36% breakout in MATIC price from the current level, collecting liquidity above $2.69 and hitting an all-time high for the token.
A falling wedge pattern in the MATIC price chart is bullish for the altcoin, according to analysts at FXStreet.
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.
Recommended Content
Editors’ Picks

Storj Price Forecast: Bulls aiming for double-digit gains
Storj (STORJ), an open-source platform that leverages the blockchain to provide end-to-end encrypted cloud storage services, continues to trade higher by 4.4%, around $0.39 on Tuesday after rallying 5% the previous day.

XRP declines below $2.72 key level as Elon Musk's DOGE to begin SEC examination
Ripple's XRP saw a 4% decline in the early Asian session on Tuesday following an announcement that the Department of Government Efficiency is targeting the Securities and Exchange Commission (SEC) as the next agency to face its examination process.

FTX repayments stir mixed feelings among investors, sending Bitcoin and Solana down
Bitcoin (BTC) and Solana (SOL) experienced declines on Monday as defunct crypto exchange FTX will begin redistributing tokens owed to creditors from its collapse in 2022, starting with those who held $50,000 or less.

Toncoin Price Analysis: TON nears $4 as LTC and DOGE ETF hype lifts PoW sector
Toncoin price has consolidated within the 2% tight range between $3.8 - $4 over the last 12 days.

Bitcoin: BTC consolidates before a big move
Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.