As Polygon Price Explodes, These 3 New Altcoins Can 10x This Year
The token that powers Ethereum scaling solution Polygon’s sidechain MATIC has been exploding higher. After having been stuck in a $0.92-$1.05 range for the last few weeks, MATIC surged as high as the $1.12s on Thursday, gaining over 13% on the day, though the rally has since eased off a little on Friday, with the cryptocurrency now trading back just to the south of the $1.10 level once again.
The latest surge has taken MATIC’s gains to around 44% this year, which marks the cryptocurrency’s best months since it gained 92% last July. The latest surge should open the door for Polygon to be able to test its early November 2022 highs in the $1.30 area in the coming weeks.
This resistance level roughly also coincides with the 38.6% Fibonacci retracement back from the 2022 lows under $0.32 to the end of 2021 record highs close to $3.0. A break above here would likely open the door to a push towards the 50% retracement around $1.62 and to the March 2022 high close to $1.75.
Polygon has been benefiting this month from a combination of optimism about the project’s outlook in wake of Polygon securing massive partnerships in 2022 (like getting into the Disney accelerator program) and a broad rally in crypto prices. Indeed, the likes of Bitcoin and Ethereum both also both gained in the region of 40% this month.
Analysts say that this month’s upside in crypto prices is being driven by a combination of easing financial conditions as US inflation and growth slow, leading to more dovish expectations for Fed tightening in the coming quarters, as well as growing signs (both technical and on-chain) that the bear market in crypto might now be over.
Polygon’s upside is typical of risk sentiment improving in the cryptocurrency space, a time when
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