Polygon (MATIC) Overview
• Polygon (MATIC) has surged 50% over the past 30 days, putting its network value at $10.8B and total value locked (TVL) assets at $1.2B.
• The NFT market on the OpenSea platform surpassed Ethereum’s for two consecutive months, suggesting potential for attracting developers and investors to the ecosystem.
• The Polygon price has been experiencing a bullish trend since the start of January with RSI indicators showing signs of fatigue.
Price Action & Market Outlook
Polygon’s price has been following an upward trend since January 2021, with higher highs and higher lows in its 4-hour time frame. The Relative Strength Index (RSI) indicates that bulls may be losing momentum though, which could lead to a market reversal if the price drops below $1.8 or rally above $1.28. Coinglass data shows that Polygon trading led to around $979k in liquidations in the last 24 hours and had a 24-hour trading volume of around $626M.
Institutional Interest In MATIC
The surge in MATIC’s price has attracted institutional investors interested in Web3 markets as it serves as a scaling solution for Ethereum’s blockchain. Top Web3 projects such as Balancer, Quickswap, Uniswap V3, and AAVE are hosted by Polygon which further contributes to its growing popularity among larger players in the cryptocurrency space.
Entanglefi V1 Testnet LIVE On PoS
The Entanglefi V1 testnet was launched on Polygon’s Proof-of-Stake chain recently which provides users with options like providing liquidity via synthetic vaults or borrowing against liquidity positions amongst other features. Additionally, Quickswap DEX and StargateFinance will also be integrated into this new layer 2 blockchain soon enough making it more attractive for institutional investors looking to take advantage of DeFi products available on Polygon’s network..
Conclusion
Overall, Polygon is gaining traction among institutional investors due to its ability to scale Ethereum’s blockchain while also offering important DeFi solutions available through its integration with various Web3 projects like Entanglefi V1 testnet and Quickswap DEX/StargateFinance. As such, it is expected that MATIC will continue to experience growth in both its price action as well as total value locked assets moving forward into 2021 and beyond .
