Matic (Polygon) has flashed a new bullish signal ahead of the much-anticipated upgrade on the polygon network. Already, Matic has been resilient during the market downturn while making steady gains since the beginning of the year.
Trading above Bitcoin, Ethereum, and many other altcoins, Matic has extended its recent gains, with prices climbing to a fresh ten-month high on Friday.
This outstanding performance is linked to a potential upgrade that will make the polygon network more efficient while reducing transaction costs. The upgrade could see more developers switching to the polygon network.
“Polygon’s upcoming upgrade is a groundbreaking technology that aims to increase the speed of blockchain transactions and reduce their cost, like its rivals Solana and XRP, which have faster transaction speeds”, a statement by the partially read.
Furthermore, Investors King understands that Matic has been showing a handful of technical signals which could influence a new rally upward.
At the moment, Matic has moved past Dogecoin to become the 9th largest cryptocurrency with a market capitalization of $13,420,270,742 as of the time of writing this report.
As polygon prepares to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) beta mainnet on March 27, major companies Meta, Disney, Adidas, and Starbucks have shown interest due to its strong fundamentals.
It is glaring that momentum is increasing on the polygon network, with a potential massive rally upward if the token maintains current price level onk timeframe.
Meanwhile, several analysts have positioned that MATICs resilience is nothing to be surprised by, considering the growing number of game developers choosing the scaling network for their launch site instead of ETHs mainnet.
One of those companies is Square Enix, which just announced its first NFT game, Symbiogenesis, which will launch on Polygon’s gaming ecosystem.
According to the prediction of some crypto experts, Matic may trade above the $3 mark at the end of 2023, which means breaking its previous all-time high (ATH) of $2,92.
