Polygon (MATIC) price is currently above $0.85, a key support level that could lead to the psychological $1 hurdle in the coming weeks. Bullish catalysts for crypto and developments in the Polygon ecosystem could provide support for MATIC’s upside momentum.
Despite the general lack of activity in the markets this week due to the holidays, MATIC could still see a major breakout. Could it be one of the top altcoins under $1 in the market today? Here’s the price outlook for Polygon.
Polygon has not seen the same kind of price growth as some other coins this year or in recent weeks. Nevertheless, Polygon’s zero-knowledge EVM (zkEVM) technology, Chain Development Kit (CDK) and MATIC to POL migration are a few of the major developments that have taken place. In addition, the integration with Chainlink Data Feeds has been identified as a game-changer for the decentralised finance (DeFi) space.
Despite these advances, Polygon founder Sandeep Nailwal still believes the layer-2 blockchain is an “underdog” in the ecosystem.
MATIC has not traded above $1 since May this year. However, bulls did reach highs of $0.98 and $0.94 in November and December, respectively. Prices dropped to $0.76 on December 19, but bulls are looking to maintain support above $0.85. If this happens, the critical $1 could be tested before the year ends.
The bullish sentiment across the market and within the Polygon ecosystem could provide the necessary fuel for a retest of recent highs. An approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) by January 10, 2024, could also be a catalyst for further gains in the year.
