• DeFi tokens Polygon MATIC, Balancer BAL and Chainlink LINK yielded double-digit gains for holders over the past week. 
  • Analysts believe Ethereum’s upcoming Merge and the acceptance of NFTs by Meta and Ticketmaster are fueling the DeFi rally. 
  • MATIC price eyes the $0.91 target, analysts predict a continuation of the altcoin’s uptrend. 

MATIC, LINK and BAL have yielded massive gains for holders despite the crypto bloodbath. As Ethereum’s Merge draws close, MATIC and DeFi tokens witnessed a price rally. 

Also read: JUST IN: Ethereum surpassed 1.7 billion transactions, what’s next for ETH?

MATIC, LINK, BAL price rallies ride the bullish sentiment of Ethereum Merge

DeFi tokens like layer-2 scaling solutions and projects like Chainlink and Balancer are key to ETH holders. The Ethereum community has witnessed a price rally in Polygon MATIC, Chainlink LINK and Balancer BAL. These three cryptocurrencies offered holders 10-20% gains over the past week. 

Ethereum’s transition to proof-of-stake, the Merge is key to the ETH ecosystem. Another key factor is the adoption of NFTs by big tech companies like Meta and Ticketmaster. NFTs have emerged as a key part of Ethereum’s ecosystem, therefore their adoption fuels a bullish sentiment among ETH holders. MATIC, LINK and BAL have emerged as top choices among holders in the ETH community. 

Ethereum’s Merge and impact on DeFi 

Ethereum’s transition to proof-of-stake is key to the crypto market as several crypto projects and smart contracts. The Merge is driving ETH’s price higher. In response to the anticipation surrounding the Merge, projects like Optimism, Avalanche, MATIC witnessed a surge in their prices. Analysts believe the Merge is yet to be priced in and Ethereum’s ecosystem will likely witness price appreciation. 

Trader_XO, a pseudonymous analyst, evaluated the MATIC price chart and predicted a rally to $0.91. 

MATIC-USDT price chart

MATIC-USDT

Analysts at FXStreet believe MATIC price is hanging on the last line and a 25% decline in Polygon is likely. FXStreet analysts are bearish on MATIC and predict a trend reversal, in contrast to Trader_XO’s bullish prediction for the Ethereum scaling solution. 
 

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple price turns as US Dollar surprises with sudden strength

Ripple price turns as US Dollar surprises with sudden strength

Ripple (XRP) price is on the back foot again after what should have been the moment every trader was waiting for this year: the Christmas rally. Instead, the rally chokes as its worst enemy is back at it – the US Dollar’s strength.

More Ripple News

Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin

Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin

Dogecoin is celebrating its ninth anniversary. The first Dogecoin block was mined nine years ago, since then the meme coin has witnessed a spike in its use cases.

More Dogecoin News

Pitstop before bullish explosive move

Pitstop before bullish explosive move

Bitcoin price is at a place where the probability of reversal is high. This downswing has knocked Ethereum, Ripple and other altcoins down as well. Although this is a temporary setback, it will allow sidelined buyers to step up. 

More Bitcoin News

Cardano price points to $0.27 eventually but an uptrend move could happen first

Cardano price points to $0.27 eventually but an uptrend move could happen first

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next.

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP