Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
MATIC Price Explodes 20% Daily as Polygon Network Thrives: More Gains to Come?

MATIC Price Explodes 20% Daily as Polygon Network Thrives: More Gains to Come?

Cryptopotato2023/12/27 13:20
By: Dimitar DzhondzhorovMore posts by this author
BTC-0.12%MATIC0.00%XOLDTOKEN0.00%
MATIC has exceeded the $1 price tag for the first time in eight months, being one of the best-performing digital assets today (December 27).

TL;DR

  • The global cryptocurrency market has seen a retracement, but Polygon (MATIC) stands out with a significanT price increase.
  • Discussions and predictions about MATIC’s potential for further growth are highlighted, with some analysts and influencers expressing optimistic views.
  • Various factors, such as trading volume and exchange netflow, suggest positive trends for MATIC, with potential future market events also expected to impact its trajectory.

MATIC Steals the Show

The cryptocurrency sector seems to have lost some steam in the past 24 hours, with the global crypto market capitalization retracing to approximately $1.72 trillion (per CoinGecko’s data). And while most leading digital assets, including Bitcoin (BTC), have charted minor declines, this is not the case with Polygon (MATIC).

The token’s price has risen by 22% in the last 24 hours, surpassing the $1 mark for the first time since April this year.

In addition, some analysts argue that the recent uptrend could be the beginning of a larger rally that could take MATIC toward new peaks in the near future. One person who supports that assumption is the X (Twitter) user Doctor Profit.

The analyst, who usually focuses on Bitcoin (BTC), described Polygon’s coin as “one of the most undervalued projects” in the entire market, claiming its price below $1 should be considered a “gift” for traders and investors. 

“Sooner or later its an easy double digit coin in the incoming bull. One of my favorite coins,” Doctor Profit concluded.

Is MATIC Ready to Spike Higher?

There are numerous factors indicating that the token’s increase might not stop here. According to CryptoQuant, MATIC exchange netflow was in negative territory on December 25 and the following day. Shifting from exchanges toward self-custody is usually considered a positive because it alleviates immediate selling pressure. 

In addition, trading volume on Polygon has soared lately. As revealed by DefiLlama, it hit almost $400 million on December 26, standing well above the $150 million mark since the middle of the month.

Numerous experts believe that the upcoming Bitcoin halving (scheduled for the spring of 2024) and the possible approval of a spot BTC ETF in the United States could act as catalysts for the primary digital asset and the industry as a whole.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitget Incentive Program: Win up to 1,100 USDT Per Week
Bitget Announcement2025/10/25 16:00
CandyBomb x MET: Trade futures to share 20,000 MET!
Bitget Announcement2025/10/24 09:00

Trending news

More
1
CandyBomb x COMMON: Trade futures to share 1,111,111 COMMON!
2
Stock Futures Rush(Phase 3): Trade popular stock futures and share $200,000 in equivalent MSTR tokenized shares. Each user can get up to $8,000 MSTR.

Crypto prices

More
Bitcoin
Bitcoin
BTC
$114,157.06
-0.99%
Ethereum
Ethereum
ETH
$4,126.3
-1.78%
Tether USDt
Tether USDt
USDT
$1.0000
-0.01%
XRP
XRP
XRP
$2.63
-1.15%
BNB
BNB
BNB
$1,141.49
-1.59%
Solana
Solana
SOL
$200.87
-1.92%
USDC
USDC
USDC
$0.9999
+0.01%
Dogecoin
Dogecoin
DOGE
$0.2003
-4.23%
TRON
TRON
TRX
$0.2987
-0.84%
Cardano
Cardano
ADA
$0.6682
-3.28%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter