As 2023 concludes, Polygon is celebrating a positive note with its native token, MATIC, witnessing a substantial surge in the last 24 hours, despite the founder acknowledging a challenging journey.
MATIC is currently valued at $0.8939, with a 24-hour trading volume of $701,503,128.22. This reflects a noteworthy 4.20% price upswing in the last 24 hours and a remarkable 14.10% increase over the preceding 7 days.
Polygon’s Founder Embraces the Role of the Underdog.
Despite facing challenges throughout 2023, Polygon’s founder, Sandeep Nailwal, recently expressed satisfaction with the platform’s underdog status. In a statement on X (formerly Twitter), Nailwal highlighted several reasons why investors should be optimistic about Polygon’s future.
A key feature he emphasized is Ethereum Virtual Machine (EVM) Compatibility, enabling Polygon to replicate the Ethereum environment as a rollup. This compatibility ensures seamless deployment of applications running on Ethereum or other EVM-compatible chains onto zkEVM, Polygon’s layer 2 solution, with minimal modifications.
Nailwal also pointed out the use of Zero-Knowledge Proofs (ZKPs) for transaction validation. Leveraging ZKPs enhances transaction speeds and reduces gas fees, addressing crucial issues faced by users on other blockchain platforms.
Scalability is a major concern in the blockchain industry, and Polygon addresses this challenge by executing smart contracts using zero-knowledge technology. This approach ensures scalability without compromising decentralization and security, making the platform appealing to developers and users.
Furthermore, Polygon’s strategic affiliation with zkEVM positions it to leverage the existing ecosystem of over 400 decentralized applications (dApps) within the Polygon network. This diverse ecosystem includes DeFi protocols, gaming platforms, and NFT marketplaces, and Polygon aims to solidify its leadership in the blockchain space by capitalizing on this thriving environment.
Midterm Objectives and Approach for MATIC Price Movement
Esteemed analyst Captain Faibik has released an extensive analysis of the price dynamics concerning Polygon’s native token, MATIC. In this evaluation, Captain Faibik delineates key targets and a strategic approach for investors to leverage potential gains.
As per Captain Faibik’s analysis, the midterm targets for MATIC are projected at $1.20, $1.60, $2.50, and $4.00. These targets signify potential price levels based on historical patterns.
Significantly, to manage risk and safeguard investments, Captain Faibik suggests implementing a stop-loss strategy. If the weekly closing price of MATIC drops below $0.55, it is recommended to exit the position.
Moreover, Captain Faibik encourages investors to adopt a long-term perspective and retain their MATIC investment for a minimum of 60 days. This prolonged holding period allows investors to navigate short-term price fluctuations and potentially capitalize on the identified projected targets.
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