Why DeFi tokens MATIC, Chainlink, Balancer exploded with double-digit gains
- 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.
3️⃣ DeFi tokens Polygon, Balancer, and Chainlink are making double-digit gains
— eToro (@eToro) September 5, 2022
They benefited from:
The Ethereum merge
Embrace of NFTs by Ticketmaster and Meta.
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
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.
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.
