Polygon has just made all-time highs off the back of a rebound from the recent market correction, breaking through 50 cents and now looking to conquer the $1 mark. We’ve been discussing Polygon for a while now and it’s already 50x’d in the past year, but how much further can it go from here now? Let’s find out. The market recently has been very volatile, with Bitcoin falling down substantially before double bottoming and now seeming to stabilize into the future.
It seems likely that Polygon is going to continue to see amazing growth as well, as it’s running up massively out of the dip that Bitcoin led it into, and in this video, we’ll be taking a look at price targets for Polygon now that it’s seeing such a large pump, and also why this is happening. With 6 months or so left of the bull run, if market cycle analysis is to be believed, there is still a good amount of time to make some massive gains in the space, and on this channel, we’re always looking for top cryptocurrencies that have a massive chance of being successful this year and in the future.
It’s important to remember as always that smart investors will be taking profits on the way up and on the way down as the bull run develops, as despite what many may believe, the bull run cannot go on forever, and a bear market will eventually be triggered.
This will likely happen in the next year or so as we approached a euphoric climax, and when things start to move straight up, it’s usually a good idea to take some profits. This means there is still time to make great gains on Polygon if you believe it will continue to go up.
This is not financial advice and is for entertainment purposes only. We always stress that you do your own due diligence.
Polygon is a project that has been performing extremely well in the past year or so, with it being up over 50x recently off the back of bullish news, and also seems to have recovered very well from the recent correction in the market, with it now breaking all-time highs again.
This time last year Polygon’s price per token was just under 1 cent and has since done more than a 50x in value since that time to almost 60 cents. Matic did see some ranging and correction from this huge pump for a few weeks before the recent market-wide dip, but it’s already recovered due to bullish sentiment surrounding projects getting huge use of the protocol.
Polygon performed extremely well in the past year and it doesn’t seem likely this is going to stop any time soon, with the recent Coinbase listing seeing a huge short-term pump for the cryptocurrency.
Polygon has received a huge boost to visibility and ease of access through its Coinbase listing and will likely see further investment from new retail investors as a result of this. With Polygon getting great use now with projects also launching on it, more and more investors are getting interested in the protocol, especially with its easy access on Coinbase.
The legitimacy of being vetted and approved by Coinbase is a huge plus for Polygon, and with their recent IPO, even more, attention will be brought to those projects listed on their main exchange app, where Polygon now resides.
The visibility and use case for Polygon has increased dramatically in the past year or so, and the price has grown to reflect the incredible growth of the project as a result. With a current price of around 50 cents at the time of pulling up this article, and a market cap of 2.5 billion, the potential for Polygon network this year is still clearly there, and it seems likely it has room to 10-20 or even 30x this year depending on how much the current pump will do for the price action in the next few weeks.
It seems likely that if Polygon can reach the $1-2 price range in the next month, it’s going to set itself up for a very promising 2021, potentially reaching as high as $10 once the parabola really hits. That would be around a 20x from the current price, giving Polygon around a 50 billion dollar market cap, and considering all the use it’s starting to get, this would not come as a huge surprise, especially considering how poorly Ethereum is handling the upgrade of their network, and all the problems currently facing it.
When taking a look at the technical analysis for Polygon for a moment, it looks as though the recent double bottom for most cryptocurrencies has formed for Matic as well, and the price action has been skyrocketing all the way past all-time highs, most likely due to sentiment in the market and surrounding the project currently. At the time of writing this article, Polygon is currently sitting at around 45 cents and will most likely fall to retest the previous all-time high as support before taking another leg up into price discovery mode.
Cryptocurrencies have a tendency of doubling in price once they break all-time highs recently, with Bitcoin, VeChain, and many other top cryptos achieving this in the past year, and we can imagine that Polygon could run to $1 without before becoming overextended in the next few weeks. If Polygon can reach the $1 mark in the next few months, a price target of $5 or so at the peak of the bull run for Polygon seems very possible, especially considering the current issues that Ethereum are having with their blockchain, and how Polygon can solve for a lot of the problems currently being experienced.
With a market cap of 2.5 billion currently, there’s a massive amount of potential for Polygon to grow, and a 10x from here would only leave Polygon with a 25 billion dollar market cap, which would be very achievable considering Ethereum is likely to be well over 1 trillion dollars by the end of the run.
When taking a look at Polygon’s fundamentals for a moment, along with the adoption they’ve been seeing recently due to issues with Ethereum’s network, Matic has a very promising future ahead of it. Polygon is a layer 2 network solution designed to improve the current state of Ethereum. A layer 2 solution is a way to improve the capabilities of a blockchain’s power significantly, and the recent issues that continue to plague Ethereum clearly show that these solutions are clearly needed, especially with projects launching on Matic now receiving great use.
A layer 1 solution aims to increase the main blockchain’s capabilities, such as increasing the speed of the main chain or increasing block limits to maximize the throughput of the main chain, also increasing speed and decrease congestion. Layer 2 solutions aim to bring processing off-chain, to remove some of the issues the main chain is experiencing, such as high congestion, to increase the speed of the network significantly by sharing the load away from the main chain.
Polygon achieves this by using side chains, which share the load between a number of parallel chains which also process transaction data equally, and the more sidechains are running, the faster the network can operate due to the exponential decrease in congestion running through one chain.
Recently bullish news about Polygon is most likely the main reason why the price has been moving up in the way that it has off the back of the market-wide correction. A bullish article posted by Coin Telegraph on the 26th shows how the race for Layer-2 solutions on Ethereum is heating up, and Polygon is one of the main projects that is performing in this regard.
They’ve been releasing a steady stream of projects being launched on the platform in the wake of the issues with Ethereum, and Quickswap which was launched on Polygon has been seeing increased usage and total value locked as time has been going on.
It’s most likely the recent pump to all-time highs has been off the back of this bullish sentiment in the market for Polygon, and with their ecosystem continuing to expand, it seems likely they’ll continue to grow as the market moves forward. Polygon has a huge amount of total value locked on its wider network now and has seen integrations with Aave, Pooltogether, Sushiswap, Open Sea, Curve Finance, Decentraland, and more DeFi applications, showing just how strong the network could be heading into the future.
When you look at everything that’s happening with Polygon, it’s easy to be bullish on the protocol going forward, especially with the number of integrations they are currently getting.
The projects on Polygon are really starting to get traction and the sentiment is being reflected in the price recently. It’s very likely that Polygon could easily 10x from here as the bull run develops, as it’s severely undervalued at 2.5 billion dollars, and considering how many projects are on the platform now, and the continued use that its whole network is seeing, a 25 billion dollar market cap for Polygon seems much more realistic for the utility they are providing.
Beyond this, Polygon could even pump further, heading to $10 per token or beyond, signally a 50 billion dollar market cap going into the future.
So, what are your thoughts on Polygon? Do you think it will perform how we expect in 2021?
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