By Polygon Price Prediction as Attention Shifts to MATIC – Next Top 10 Coin? / Source: Investing.com
As the rally in Solana (SOL), which recently exploded higher to become the fourth largest cryptocurrency in the world with a market cap of $48 billion, cools, attention is shifting to another altcoin darling, Polygon (MATIC).
The price of MATIC is up a stunning more than 20% in the past 24 hours as per CoinMarketCap, with the cryptocurrency having stormed back to the north of the $1.0 per token mark for the first time in over six months.
The latest MATIC pump, which has seen the token price rise nearly 40% in seven days, has left the cryptocurrency trading nearly 120% higher versus its October lows.
MATIC’s latest gains come as the Polygon network shows some early signs of heating up.
As per DeFi Llama, daily transactions on the network have been elevated for the past six weeks, and this has coincided with an uptick in network fees and decentralized exchange (DEX) trading volumes.
Those metrics suggest that users are interacting more with protocols built on the Polygon network, suggesting growing adoption, which is typical of a bull market.
Polygon (MATIC) Price Prediction – The Next Top 10 Coin?
While healthy growth in on-chain activity likely have something to do with MATIC’s latest rise, technicals may be a more important driving factor.
MATIC recently broke to the north of a pennant structure that had formed over the past two months.
Bulls will be eyeing a near-term test of resistance in the $1.20 and $1.25 areas, ahead of a medium-term test of resistance in the form of the early 2023 highs in the $1.50s.
That could mean quick near-term gains of as much as 50%.
Polygon (MATIC) Chart / Source: Investing. com
Given MATIC’s current market cap of just above $10 billion, that could be enough to make Polygon a top 10 coin, assuming Dogecoin (which currently takes the 10th spot) experiences no growth beyond its current market cap of just over $13 billion.
With Dogecoin’s technical outlook and value proposition nowhere near as compelling as Polygon’s, MATIC could well become a top 10 coin in 2024, though it will face stiff competition from Polkadot (DOT), which continues to sit just ahead of it in the crypto rankings.
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