Polygon (MATIC) has been having a rough couple of weeks, but the coin is on to amazing gains this week. The token has gained around 7.73% in the past week, and it is on an uptrend that shows great promise. At the time of writing, MATIC was trading at $1.664, a significant gain in the past 24 hours.
MATIC Price Analysis
The broader crypto market has been gaining in the past week, with bitcoin leading the pack after gaining past $40,000. In January this year, Polygon was trading at $0.0168, and at its peak in May, the token gained by over 15,000%. At the time, it reached an all-time high of $2.8988. Just like the broader crypto market, MATIC lost around 57% during the May meltdown.
However, the current price of MATIC is still a mind-blowing gain for the token for those who purchased it at the beginning of the year. However, the decline in the token price in Mat showed that many traders had forfeited their long positions, leasing to a great selloff.
Nevertheless, many long positions did not resume after MATIC stated to show a recovery last week. However, the token has pushed past the $1.65 resistance level, and if the uptrend continues, MATIC may create another bullish rally that will create its next stop at $1.89.
A bullish rally maybe a stiff development, given that the coin will still need support from the broader cryptocurrency market.
However, the bulls may not be too far off, given the increased adoption of the Polygon network by DeFi developers who want to leverage its scalability. Ethereum’s hard fork upgrade has lowered gas fees on the platform, but this does not mean that developers are not shifting to other scalable networks.
Polygon offers a layer two solution, such as the one Ethereum is expected to launch at the end of the year. The low transaction cost of the Polygon network and the high speeds has led to major DeFi platforms launching on the network. Among the projects that have launched on Polygon include Aave, SushiSwap, Aave and others.
Where to Buy Polygon
To purchase Polygon, you need to check how to do so from a cryptocurrency exchange platform. The two exchanges where you can buy the token include:
eToro is a reputable exchange that comes in handy when buying tokens. The exchange has user-friendly features that will allow you to navigate through all the processes. Besides, it has a copy-trading feature that will allow you to follow the trading strategies of experienced traders.
Binance is also a leading crypto exchange. Binance has the largest trading volumes, making it the largest exchange to choose from. It is also a good platform for crypto trading.
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