Polygon (MATIC) has been hovering above the $0.85 mark, a crucial level that might serve as a gateway for buyers eyeing the psychological barrier of $1. Amidst the holiday week’s quietened market, there’s anticipation for a potential breakout in MATIC’s price.
Is Polygon standing as an underrated altcoin under $1? Let’s delve into Polygon’s price forecast.
Polygon’s Quiet Rise While Polygon hasn’t experienced the skyrocketing price surges seen by some coins throughout 2023, it’s had significant developments this year, including zero-knowledge EVM technology, Chain Development Kit (CDK), and the MATIC to POL migration. Recent integration with Chainlink Data Feeds is deemed a potential game-changer in the DeFi space.
Despite these strides, Polygon’s founder, Sandeep Nailwal, sees the layer-2 blockchain as an “underdog” within the ecosystem.
Holding Above Crucial Levels Since May, Polygon (MATIC) hasn’t breached the $1 threshold. However, there were moments in November and earlier this month when MATIC/USD approached this mark, hitting highs of $0.98 on November 14 and $0.94 on December 9. Although prices momentarily dropped to $0.76 on December 19, the aim is to maintain levels above $0.85 by December 25.
With positive sentiment prevailing across the market and within Polygon’s realm, there’s an expectation to sustain prices above $0.80. This could pave the way for a retest of recent highs, potentially nearing the crucial $1 mark before the year closes. A significant catalyst for further gains in the upcoming year might be the awaited spot Bitcoin ETF, which industry experts speculate could receive SEC approval by January 10, 2024.
