The Polygon price had a relatively strong performance in October as its price doubled. MATIC rose from a low of $1.9 to a high of $2.2140 during the month. This strong performance was in line with other major cryptocurrencies like Bitcoin and Ethereum. Still, Polygon is about 28% below its all-time high.
MATIC price outlook
Polyon is a layer-2 blockchain platform whose goal is to supercharge applications built on Ethereum’s blockchain.
It solves a major challenge that exists in the blockchain industry today. While Ethereum is the biggest development platform, it has some of the biggest challenges. Since Ethereum is a second-generation platform, it is still based on proof-of-work (PoW). It is also a relatively slow and costly platform.
Therefore, Polygon enables all Ethereum developers to use its technology, which solves most of those challenges. It is a relatively faster than Ethereum and its transactions are significantly cheaper.
At the same time, there are many developers who are building apps solely on Polygon’s network. Some of the most popular platforms in Polygon are Aave, Curve, Balancer, and Synapse.
According to DeFi Llama, there are currently about 100 DeFi platforms built-in Polygon that have a total value locked (TVL) of more than $5 billion. MATIC is the native token for the ecosystem.
Meanwhile, recently released data showed that Polygon’s network is seeing robust growth. While Polygon POS users have fallen slightly, the total number of transactions have rallied to an all-time high. Similarly, the number of active wallets in the network has been rising as well even as the network increased its gas fees.
So, what next for the Polygon price in November? Fundamentally, the price will need a positive catalyst for it to maintain a bullish trend.
Polygon price forecast
The daily chart shows that the Polygon price has made a steady comeback in the past few days. Most importantly, the coin has managed to move above the key resistance level at $1.7915, which was the highest level in September. It is currently hovering slightly above this resistance level.
At the same time, the coin is being supported by the 25-day and 50-day exponential moving averages (EMA). The MACD has been in a strong bullish trend.
Therefore, the path of the least resistance for the MATIC price is to the upside. The next key resistance to watch will be at its all-time high of $2.82, which is about 40% above the current level.
