Polygon (MATIC), one of the leading Layer 2 scaling solutions for Ethereum, has emerged as a resilient force, and its on-chain metrics hint at a potential mega rally ahead. Although price fluctuations In Q4 2023, Polygon managed to attract 15.2 million new users in January, setting the stage for what could be a promising ride in 2024.
Polygon (MATIC), one of the leading Layer 2 scaling solutions for Ethereum, has emerged as a resilient force, and its on-chain metrics hint at a potential mega rally ahead. Although price fluctuations In Q4 2023, Polygon managed to attract 15.2 million new users in January, setting the stage for what could be a promising ride in 2024.
Current Polygon Market Landscape
From the last data According to CoinMarketCap, Polygon is trading at $0.7921, reflecting an increase of 1.49% in the last 24 hours. The 24-hour trading volume amounts to $215.6 million, with a market capitalization of $7.6 billion and a market dominance of 0.38%.
In particular, MATIC is trading above the 200-day simple moving average, indicating a positive trend and has high liquidity based on its significant market capitalization.
Polygon’s potential rally gains credibility when the technicals are considered. Currently, MATIC is touching a notable support level, a crucial juncture that could determine its future trajectory. This support level, set at $0.75, is considered by many traders to be a turning point and has historically served as a stronghold for buyers, acting as a launching pad for potential bullish moves.
The resilience of this support is evident through multiple touches over the past few weeks, each time successfully resisting a breakout. While a sustained break of this support could indicate a long-term bear market, the combination of current market conditions and falling volume suggests that bearish momentum may be waning rather than intensifying.
Polygon Past Performance and Milestones
In addition to technical indicators, Polygon has demonstrated remarkable performance, experiencing a price increase of 8.10% last month.
This rise aligned with the broader market trend of altcoins reaching new yearly highs. As revealed in a previous report, MATIC reached a high of $0.93 on January 11, surpassing Chainlink in market capitalization and securing the 13th place among the most valuable projects on the market.
Additionally, Polygon’s stablecoin market has seen a notable surge, reaching a six-month high of $1.4 billion. This increase reflects the greater transactional activity on the network. As the project continues to expand, it remains a topic to watch for those seeking opportunities in the blockchain market.
The entire growth trend is solidified by active business partnerships and constant updates across the board.
