- MATIC price rebounded on Monday afternoon.
- Polygon Avail entered the next phase of testing.
MATIC price rebounded slightly on Tuesday after Polygon announced the next stage of its Avail product development. Polygon jumped to $0.8643, which was the highest point since Sunday. It has rallied by more than 11% from the lowest point this week.
Polygon Avail next phase
Polygon is the biggest layer 2 network in the world. It is a leading platform that makes it possible for developers to supercharge their Ethereum applications. The platform has been used to supercharge hundreds of apps, including Aave and Uniswap.
Polygon has also launched other services to achieve its goal. One of its top products is Polygon Avail, a modular blockchain to scale other blockchains. In a statement, the developers said that they had completed their testnet rollout ahead of its mainnet release in 2023.
Polygon Avail’s testnet was launched in June this year and has been deployed to a small group of validators. Now, the developers announced plans to onboard 100 additional external validators to create a more robust and mature testing environment.
Find out how to buy Polygon.
Polygon works by storing transaction data from any other blockchain and proving that the transaction data it holds is available. As a result, it can be used to support data availability needs for hundreds of blockchains at once.
Meanwhile, Polygon’s ecosystem has been in a strong growth path in the past few months. For example, last week, Sensorium taps Polygon to build its immersive digital experiences. Other companies like Meta Platforms and Disney are also using Polygon to build applications.
Still, like other blockchains, Polygon has gone through a difficult patch in the past few weeks. This performance is mostly because of the collapse of FTX and Alameda Research. Polygon’s total value locked (TVL) has dropped from an all-time high of over $11.3 billion to $1.31 billion.
MATIC price forecast
The four-hour chart shows that Polygon price dropped to the important support at $0.7612 on Tuesday. This was a crucial level since it was the lowest level on November 9. MATIC has formed a double-bottom pattern, which is usually a bullish sign. The Stochastic Oscillator has moved above close to the overbought level.
Therefore, MATIC price will likely continue rising as buyers target the key resistance level at $1.00. This price was about 18% above the current level. However, a drop below the key support at $0.8 will invalidate the bullish view.
