Polygon (MATIC) has continued its strong ascent after over a week-long of volatility. The token is now trading at $1.14 being up 45.3% in the айлык убакыт.
талдоочулар have been considerably bullish after the token breached $1.
менен solid on-chain development fueling the current bullish sentiment for MATIC, we might see more positive price movement for the crypto in the coming days or weeks.
Polygon’s Weekly Roundup Shows Bullishness
Расмий Twitter каттоо эсеби of Polygon produces what they call Weekly Briefings, a roundup of positive on-chain developments in the ecosystem.
Бул жумада родеого, Polygon successfully hard forked for improved performance.
According to the video, the upgrade is focused on Polygon’s way of handling reorgs and gas spikes. Reorgs are a temporary copy of the entire blockchain of the ecosystem. Reducing this improves the user experience of the blockchain.
The Weekly Briefing is HERE. 🔥
We have lots of exciting updates this week. Catch up #onPolygon & all things # Web3 менен @ChadHugghins 👇🏾@fractalwagmi @ZenGo @justape_ @theunioverse @unkrakable pic.twitter.com/uKv5JejP9h
- Полигон (@ 0xPolygon) January 25, 2023
The reduction in gas spikes would enable both users and developers to save on gas fees as the rate climb in times of demand would be a lot smoother.
Спорт, a Web3 game development platform, is also coming to Polygon, further strengthening its reach in the Web3 game industry.
#МАТИКА token is on fire! surged 9.72% in the past 24 hours and is up 37.38% since Dec 31st.
With a spike in daily transactions, Polygon has become the second largest blockchain for daily active users.
Source: @tokenterminal #BNB #ETH #Полигон # Layer2 pic.twitter.com/HtxBrgmroF
— Elite Crypto (@TheEliteCrypto) January 27, 2023
Polygon’s zkEVM upgrade is also around the corner. Polygon Labs Co-Founder Sandeep Nailwal recently шопурлуктан about this upgrade, saying that they already have a mainnet launch date for the upgrade.
The zkEVM is an Ethereum-compatible scaling solution that would improve compatibility of existing smart contracts built on the Ethereum network.
With $1 Broken, Investors Should Watch These Levels
Жазуу учурунда, энбелгиси is targeting the $1.16 resistance to regain ground lost back in November 10. If the token closes above this resistance, a continuation of the rally might occur or MATIC bulls might try to consolidate above $1.16.
MATIC targeting the $1.16 resistance. Диаграмма: TradingView
If the bulls are unsuccessful in achieving one or both, we might see MATIC revert back down to sub-$1 levels or around the $0.9493 support range.
Investors and traders should also watch the price movement of major cryptocurrencies like Bitcoin and Ethereum.
As of Saturday, both терминалдарда жана Ethereum have been retesting their major resistances. If any of these break through and consolidate, MATIC will follow along with other altcoins.
Күнүмдүк диаграммада Crypto жалпы рынок капкагы $ 1 триллион | Диаграмма: TradingView.com
Positive on-chain developments will also be supporting the current price movement.
Breaking through $1.16 should be the focus of investors and traders. If ever the token faces rejection, $0.9493 will be crucial for the long-term prospect of MATIC. But MATIC bulls can also look at $1.0754 for support.
Featured image from Ethereum World News
Source: https://bitcoinist.com/polygon-matic-1-15/