Polygon (MATIC) is establishing perhaps for a major surge. MATIC currently trades 13% below its projected value for the following month; the crypto space is abuzz over this undervaluation. Investors view such a slide as buying opportunity.
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With a possible increase of 470% in only the following three months, the short-term predictions ought to be fairly optimistic. If every thing goes as planned, MATIC could become probably the greatest performing tokens.
With its next big upgrade slated to go live to tell the tale September 4, 2024, Polygon is increase a way of pleasure. This upgrade will see the network shift from the MATIC to the POL coins and is extremely alleged to improve Polygon by way of functionality and governance.
🚨 30,000,000 #MATIC (13,106,053 USD) transferred from unknown wallet to #Binancehttps://t.co/RDx9s4PoF8
— Whale Alert (@whale_alert) August 20, 2024
$13 Million MATIC Transfer To Binance
Recently, some $13 million in MATIC coins have been moved from an unknown wallet to Binance in a notable volume. This can be a transfer that has stirred speculations around impending market movements and has been detected by blockchain analytics firm Whale Alert.
With the upcoming upgrade of the Polygon network to POL tokens, some feel this may increasingly be foreshadowing a looming price explosion. Others, nonetheless, have said big changes corresponding to these could set the stage for a market turmoil.
MATIC market cap currently at $4.7 billion. Chart: TradingView.com
Switching to POL tokens ought to be Polygon’s first order of business. One goal is to make POL a fair more versatile and scalable digital currency than MATIC by limiting its supply to 10 billion and regulating its emission rate to only one% per 12 months for the following decade.
The brand new coin is designed for use for staking, gas costs, ease of operations, and an increase on the whole efficiency on the Polygon network. This brings the evolution to a serious turning point, with smart contracts for POL now on the Ethereum mainnet.
Although the MATIC token was expected to begin its migration soon, it has remained under price pressure, moving within the tight range of $0.38 to $0.42 with little room for the upside. Nonetheless, in line with technical evaluation, a falling wedge pattern, normally a sign of a bullish reversal, has been in play because the starting of 2024, which suggests that MATIC may very well be closer to breakout level.
If MATIC succeeded in breaking upwards through the upper trendline of the inverse head and shoulders pattern, it will stand to understand a large price increase to as high as $0.85. This represents an 85% gain from its present price of around $0.44.
Long-Term MATIC Projections
The long-term picture looks much brighter for MATIC. The value of the token inside six months should appreciate by 270%. This very gradual gain may very well be a trust factor for the investors within the long-term strategy of Polygon’s ecosystem growth and latest partnerships.
MATIC seen moving up in price. Source: CoinCheckup
The one-year MATIC projection is much more bullish, with price increase forecasts of 480%. Assuming these predictions come to fruition, MATIC would smash all previous all-time highs, which might further cement its place in these cryptocurrencies.
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The Next Big Thing
The upcoming migration to POL tokens is greater than only a token swap. For the Polygon network, performance, control, and scalability are about to vary dramatically.
The success of this upgrade will define whether the network will turn into an aggregated blockchain network in the long term, so Polygon and its community must pay great attention to it.
Featured image from BTSE, chart from TradingView