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MATIC Price Prediction As Polygon’s POL Smart Contracts Debut On Ethereum Mainnet

MATIC is on the verge of a major breakout as Polygon’s POL smart contracts go live on the Ethereum mainnet for the first time.
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MATIC Price Prediction As Polygon’s POL Smart Contracts Debut On Ethereum Mainnet

Polygon (MATIC) price is treading on shaky ground as traders book profits following the rally from last week to highs seen last in mid-August around $0.65. The leading Ethereum layer 2 scaling protocol broke out of a falling wedge pattern backed by support at $0.5.

Like many other cryptos, MATIC price has experienced a record increase in volatility and liquidity with its 24-hour trading volume growing to $475 million. Polygon currently ranks #14 among other digital assets, inclusive of stablecoins like USDT and USDC. It boasts $5.8 billion in market capitalization, sitting behind Chainlink (LINK) with $6.2 billion.

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Can Polygon’s POL Usher In The Bull Run For MATIC Price?

MATIC price rally has taken a breather over the last 24 hours, sliding 4% to trade at $0.62 at the time of writing. Bitcoin price and most altcoins appear to be rolling back the gains, possibly to allow for liquidity to build up for more breakouts.

Hence, the minor dip in MATIC price is unlikely to trigger a sell-off, especially with the technical outlook on the daily chart remaining bullish, not to mention, the positive sentiment across the crypto market backed by optimism around the potential greenlighting of a BTC spot exchange-traded fund (ETF) in the coming months.

Meanwhile, MATIC could solely decouple from the rest of the altcoins as the protocol moves closer to a major upgrade, Polygon 2.0. According to a press release sent to media platforms.

In a post shared on X (formerly Twitter), Polygon Labs said that the POL token upgrade has been launched on the Ethereum mainnet as part of the roadmap to the ultimate release of the Polygon 2.0 software upgrade.

The idea behind this new protocol is to usher in a new era for scaling Ethereum and building a “Value Layer of the Internet.”

“POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains,” Polygon developers elucidated. “It does that via a native re-staking protocol that allows POL holders to validate multiple chains and perform multiple roles on each of those chains, turning POL into a hyperproductive token.”

The launch of Polygon POL will phase out MATIC and become the native token powering the new ecosystem. Development toward building this Value Layer of the Internet has been ongoing for months now. Hence, the debut of POL Smart contracts on the Ethereum mainnet is not a small feat as it has taken “extensive community consultation and a successful testnet launch.”

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MATIC Price Prediction As Polygon’s Rally Takes A Breather

MATIC price is holding above two key levels provided by the 21-day Exponential Moving Average (EMA) (red) at $0.562 and the 100-day EMA (blue) at $0,599.

If bulls uphold support, especially at the 100-day EMA, the uptrend is bound to continue amid calls for a sharp move above $1. The Relative Strength Index (RSI) reveals that buyers have the upper hand with its strength at 70 on the daily chart.

MATIC Price Prediction Chart | Tradingview

Another breakout is expected to close the gap to $1, but first, bulls must defeat the seller congestion at $0.65 and the subsequent hurdle presented by the 200-day EMA (purple) at $0.7.

With the Polygon 2.0 upgrade around the corner, sentiment will continue to improve in the coming weeks which could increase demand for MATIC from investors who are eyeing the POL airdrop. With this in mind, the prediction for MATIC price rally above $1 seems extremely conservative, as gains are likely to skyrocket to an all-time high of $2.92.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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