Market Eyes 85% Increase In MATIC Price After $13 Million Transaction, Upgrade
Polygon (MATIC) is setting up perhaps for a significant surge. MATIC currently trades 13% below its projected value for the next month; the crypto space is abuzz over this undervaluation. Investors view such a slide as a good buying...
Aliver
Polygon (MATIC) is setting up perhaps for a significant surge. MATIC currently trades 13% below its projected value for the next month; the crypto space is abuzz over this undervaluation. Investors view such a slide as a good buying opportunity.
With a possible increase of 470% in just the next three months, the short-term predictions should be fairly optimistic. If everything goes as planned, MATIC could turn out to be one of the best performing tokens.
With its next big upgrade slated to go live on September 4, 2024, Polygon is building up a sense of excitement. This upgrade will see the network shift from the MATIC to the POL coins and is highly speculated to improve Polygon in terms 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 is 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 be foreshadowing a looming price explosion. Others, however, have said big changes such as these could set the stage for a market turmoil.
Switching to POL tokens should be Polygon’s first order of business. One goal is to make POL an even more versatile and scalable digital currency than MATIC by limiting its supply to 10 billion and regulating its emission rate to only 1% per year for the next decade.
The new coin is designed to be used for staking, gas costs, ease of operations, and a rise in general efficiency on the Polygon network. This brings the evolution to a major turning point, with smart contracts for POL now on the Ethereum mainnet.
Although the MATIC token was expected to start its migration soon, it has remained under price pressure, moving in the tight range of $0.38 to $0.42 with little room for the upside. However, according to technical analysis, a falling wedge pattern, normally an indication of a bullish reversal, has been in play since the beginning of 2024, which suggests that MATIC could be closer to breakout level.
If MATIC succeeded in breaking upwards through the upper trendline of the inverse head and shoulders pattern, it would stand to realize a massive 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 price of the token within six months should appreciate by 270%. This very gradual gain could be a trust factor for the investors in the long-term strategy of Polygon’s ecosystem growth and new partnerships.
MATIC seen moving up in price. Source: CoinCheckupThe one-year MATIC projection is even more bullish, with price increase forecasts of 480%. Assuming these predictions come to fruition, MATIC would smash all previous all-time highs, which would further cement its place in these cryptocurrencies.
The Next Big Thing
The upcoming migration to POL tokens is more than just a token swap. For the Polygon network, performance, control, and scalability are about to change dramatically.
The success of this upgrade will define whether the network will turn into an aggregated blockchain network in the long run, so Polygon and its community must pay great attention to it.
Featured image from BTSE, chart from TradingView
