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Polygon (MATIC) has continued its strong ascent after over a week-long of volatility. The token is now trading at $1.14 being up 45.3% in the monthly timeframe.
Analysts have been considerably bullish after the token breached $1.
With solid on-chain development fueling the current bullish sentiment for MATIC, we might see more positive price movement for the crypto in the coming days or weeks.
Polygon’s Weekly Roundup Shows Bullishness
The official Twitter account of Polygon produces what they call Weekly Briefings, a roundup of positive on-chain developments in the ecosystem.
In this week’s roundup, Polygon successfully hard forked for improved performance.
According to the video, the upgrade is focused on Polygon’s way of handling reorgs and gas spikes. Reorgs are a temporary copy of the entire blockchain of the ecosystem. Reducing this improves the user experience of the blockchain.
We have lots of exciting updates this week. Catch up #onPolygon & all things #Web3 with @ChadHugghins @fractalwagmi @ZenGo @justape_ @theunioverse @unkrakable pic.twitter.com/uKv5JejP9h
— Polygon (@0xPolygon) January 25, 2023
The reduction in gas spikes would enable both users and developers to save on gas fees as the rate climb in times of demand would be a lot smoother.
Fractal, a Web3 game development platform, is also coming to Polygon, further strengthening its reach in the Web3 game industry.
#MATIC token is on fire! surged 9.72% in the past 24 hours and is up 37.38% since Dec 31st.
With a spike in daily transactions, Polygon has become the second largest blockchain for daily active users.
Source: @tokenterminal #BNB #ETH #Polygon #Layer2 pic.twitter.com/HtxBrgmroF
— Elite Crypto (@TheEliteCrypto) January 27, 2023
Polygon’s zkEVM upgrade is also around the corner. Polygon Labs Co-Founder Sandeep Nailwal recently tweeted about this upgrade, saying that they already have a mainnet launch date for the upgrade.
The zkEVM is an Ethereum-compatible scaling solution that would improve compatibility of existing smart contracts built on the Ethereum network.
With $1 Broken, Investors Should Watch These Levels
At the time of writing, the token is targeting the $1.16 resistance to regain ground lost back in November 10. If the token closes above this resistance, a continuation of the rally might occur or MATIC bulls might try to consolidate above $1.16.
If the bulls are unsuccessful in achieving one or both, we might see MATIC revert back down to sub-$1 levels or around the $0.9493 support range.
Investors and traders should also watch the price movement of major cryptocurrencies like Bitcoin and Ethereum.
As of Saturday, both Bitcoin and Ethereum have been retesting their major resistances. If any of these break through and consolidate, MATIC will follow along with other altcoins.
Positive on-chain developments will also be supporting the current price movement.
Breaking through $1.16 should be the focus of investors and traders. If ever the token faces rejection, $0.9493 will be crucial for the long-term prospect of MATIC. But MATIC bulls can also look at $1.0754 for support.
Featured image from Ethereum World News
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.