Polygon Founder Recaps 2023: MATIC’s Surge Powers Through Resistance With 4% Uptrend

Ronaldo Marquez

1 year ago

3 mins read

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Polygon is closing out 2023 on a high note as its native token, MATIC, experienced a significant surge over the past 24 hours, despite its founder highlighting a “painful ride”.

MATIC’s current price stands at $0.8939, accompanied by a 24-hour trading volume of $701,503,128.22. This represents a notable 4.20% price increase within the last 24 hours and a remarkable 14.10% increase over the past 7 days.

Polygon Founder Embraces Underdog Status

Despite a challenging journey throughout 2023, Polygon’s founder, Sandeep Nailwal, recently expressed his contentment with the platform’s underdog status. In a statement on X (formerly Twitter), Nailwal stated:

Polygon is back to where it’s the best at being an underdog. Not going to lie, it’s been a painful ride, the whole of 2023, but right now, it feels incredibly liberating to be the underdog again.

Furthermore, Nailwal went on to outline several reasons why he believes investors should feel bullish about Polygon’s prospects.

One key feature is Ethereum Virtual Machine (EVM) Compatibility, which allows Polygon to replicate the Ethereum environment as a rollup. This compatibility ensures that any application running on Ethereum or other EVM-compatible chains can be deployed onto zkEVM, Polygon’s layer 2 solution, with minimal modifications.

Another aspect highlighted is the utilization of Zero-Knowledge Proofs (ZKPs) for transaction validation. By leveraging ZKPs, Polygon enhances transaction speeds and reduces gas fees, addressing critical pain points experienced by users on other blockchain platforms.

Scalability is a paramount concern in the blockchain industry, and Polygon aims to address this challenge by executing smart contracts using zero-knowledge technology.

This approach ensures “scalability without compromising decentralization” and security, bolstering the platform’s overall appeal to developers and users alike.

Moreover, Polygon’s strategic affiliation with zkEVM positions it to leverage the existing ecosystem of over 400 decentralized applications (dApps) within the Polygon network.

This ecosystem includes a diverse range of DeFi protocols, gaming platforms, and NFT marketplaces. By capitalizing on this thriving ecosystem, Polygon aims to further solidify its position as a leader in the blockchain space.

Midterm Targets And Strategy For MATIC Price Action

Renowned analyst Captain Faibik has released a comprehensive analysis of the price action for Polygon’s native token, MATIC. In his assessment, Captain Faibik identifies key targets and a strategic approach for investors to capitalize on potential gains.

According to Captain Faibik’s analysis, MATIC’s midterm targets are projected at $1.20, $1.60, $2.50, and $4.00. These targets represent potential price levels that MATIC could reach based on historical patterns.

Notably, to manage risk and protect their investment, Captain Faibik recommends implementing a stop-loss strategy. If the weekly closing price of MATIC falls below $0.55, it is suggested to exit the position.

Furthermore, Captain Faibik advises investors to adopt a long-term mindset and hold their MATIC investment for a minimum of 60 days. This holding period enables investors to ride out short-term price fluctuations and potentially capitalize on the projected targets identified.

Featured image from Shutterstock, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

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With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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