MATIC price prepares for massive upswing

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.