Polygon (MATIC) finished last week on a neutral note, showing a 2% increase. As a scaling solution for Ethereum, it has gained significant interest from institutional investors looking to invest in the Web3 market. This is evidenced by the fact that the Polygon NFT market on the OpenSea platform surpassed Ethereum’s for two consecutive months, suggesting the potential for attracting developers and investors to the ecosystem.
According to recent crypto price data, Polygon (MATIC) has seen a 50% growth over the past 30 days, putting its network value at $10,808,682,894. Additionally, the total value locked (TVL) assets in Polygon has risen in recent weeks, reaching around $1.2 billion.
It is also worth mentioning that Polygon is host to top Web3 projects such as Balancer, Quickswap, Uniswap V3, and AAVE.
Polygon: Price Action & Market Outlook
The Polygon (MATIC) price has been experiencing a bullish trend since the start of January, with its price in the four-hour time frame showing higher highs and higher lows, a hallmark of an upward trend.
However, RSI indicators suggest that the bulls are starting to show signs of fatigue, raising the possibility of a market reversal in the near future. If Polygon’s price falls below $1.8, this could invalidate or delay the upward trend. On the other hand, a rally above $1.28 could boost Polygon (MATIC) and lead to a new upward trajectory.
Coinglass data shows that Polygon trading has led to $979k in liquidations in the past 24 hours, with a 24-hour trading volume of about $626,510,880. Given these figures, it is expected that the top layer 2 blockchain will see more growth in the future.
