Market Eyes 85% Increase In MATIC Price After $13 Million Transaction, Upgrade

Christian Encila

1 year ago

3 mins read

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Polygon (MATIC) is setting up perhaps for a significant surge. MATIC currently trades 13% below its projected value for the next month; the crypto space is abuzz over this undervaluation. Investors view such a slide as a good buying opportunity.

With a possible increase of 470% in just the next three months, the short-term predictions should be fairly optimistic. If everything goes as planned, MATIC could turn out to be one of the best performing tokens.

With its next big upgrade slated to go live on September 4, 2024, Polygon is building up a sense of excitement. This upgrade will see the network shift from the MATIC to the POL coins and is highly speculated to improve Polygon in terms of functionality and governance.

🚨 30,000,000 #MATIC (13,106,053 USD) transferred from unknown wallet to #Binance https://t.co/RDx9s4PoF8

— Whale Alert (@whale_alert) August 20, 2024

$13 Million MATIC Transfer To Binance

Recently, some $13 million in MATIC coins have been moved from an unknown wallet to Binance in a notable volume. This is a transfer that has stirred speculations around impending market movements and has been detected by blockchain analytics firm Whale Alert.

With the upcoming upgrade of the Polygon network to POL tokens, some feel this may be foreshadowing a looming price explosion. Others, however, have said big changes such as these could set the stage for a market turmoil.

MATIC market cap currently at $4.7 billion. Chart: TradingView.com

Switching to POL tokens should be Polygon’s first order of business. One goal is to make POL an even more versatile and scalable digital currency than MATIC by limiting its supply to 10 billion and regulating its emission rate to only 1% per year for the next decade.

The new coin is designed to be used for staking, gas costs, ease of operations, and a rise in general efficiency on the Polygon network. This brings the evolution to a major turning point, with smart contracts for POL now on the Ethereum mainnet.

Although the MATIC token was expected to start its migration soon, it has remained under price pressure, moving in the tight range of $0.38 to $0.42 with little room for the upside. However, according to technical analysis, a falling wedge pattern, normally an indication of a bullish reversal, has been in play since the beginning of 2024, which suggests that MATIC could be closer to breakout level.

If MATIC succeeded in breaking upwards through the upper trendline of the inverse head and shoulders pattern, it would stand to realize a massive price increase to as high as $0.85. This represents an 85% gain from its present price of around $0.44.

Long-Term MATIC Projections

The long-term picture looks much brighter for MATIC. The price of the token within six months should appreciate by 270%. This very gradual gain could be a trust factor for the investors in the long-term strategy of Polygon’s ecosystem growth and new partnerships.

MATIC seen moving up in price. Source: CoinCheckup

The one-year MATIC projection is even more bullish, with price increase forecasts of 480%. Assuming these predictions come to fruition, MATIC would smash all previous all-time highs, which would further cement its place in these cryptocurrencies.

The Next Big Thing

The upcoming migration to POL tokens is more than just a token swap. For the Polygon network, performance, control, and scalability are about to change dramatically.

The success of this upgrade will define whether the network will turn into an aggregated blockchain network in the long run, so Polygon and its community must pay great attention to it.

Featured image from BTSE, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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