The Polygon price is doing relatively well even as other cryptocurrencies retreat. The MATIC price is trading at $1.900, which is about 85% above the lowest level in October this month. It has a market capitalization of more than $12 billion and is the 20th biggest cryptocurrency in the world.
Polygon adoption grows
Polygon is a leading layer-2 blockchain project whose goal is to help developers scale their Ethereum applications. This is an important thing since Ethereum is the biggest blockchain infrastructure platform in the world. It is also known for its high transaction costs, slow speed, and high inefficiencies.
In the past few months, the number of blockchain platforms moving part or all their operations to Polygon’s network has been rising. According to DeFi Llama, there are now about 95 apps built on Polygon. This makes it the third biggest platform after Ethereum and Binance Smart Chain.
In terms of the market size, apps built using Polygon have a total value locked (TVL) of more than $4.65 billion. This makes it the 7th biggest platform after Ethereum, Binance Smart Chain, Solana, Terra, Avalanche, and Fantom. Notably, Polygon is also being used by developers in fields like gaming and non-fungible tokens (NFT).
In a recent report, analysts at Alchemy revealed that there were more than 3,000 decentralized applications built on Polygon. 62% of these apps run solely on Polygon while the rest are built on both Ethereum and Polygon.
The Polygon price has also risen because of the recent growth of decentralized activity. For example, more people are now thinking about moving to the industry. Investors have also moved to the latest Bitcoin ETF.
Polygon price prediction
The four-hour chart shows that the MATIC price has been in a strong bullish trend lately as demand for the network rises. The coin has even managed to move above the 25-day and 50-day moving averages. It has also risen above the Ichimoku cloud while oscillators like the Relative Strength Index (RSI) and MACD have been rising as well.
Therefore, the path of the least resistance for the Polygon price is to the upside. This means that the coin will likely soar to the next key resistance level at $2.50. This view will be invalidated if the price drops below the key support at $1.7870.
