Polygon is one of the most popular crypto platforms today, consistently ranking in the top 15 in terms of market capitalization. This has made it a compelling option for many crypto investors. But the state of the market is constantly changing and evolving. So what is the Polygon MATIC price prediction over the next few years?
What is MATIC? : A Fundamental Overview
The explosion of NFTs and DeFi in recent years has made Ethereum one of the most used crypto networks. But Ethereum suffers from issues like scalability and high transaction fees, which plague many older networks. This makes scaling solutions like Polygon necessary.
Polygon (MATIC) is a blockchain platform that aims to provide a high-performance, low-cost alternative to Ethereum for building and deploying decentralized applications (dApps). The platform is built on a network of sidechains that are anchored to the Ethereum mainchain, allowing for faster and cheaper transactions than on the main Ethereum network.
Polygon also offers many other features to make it an attractive option for developers, including support for multiple programming languages, easy integration with existing Ethereum tools and protocols, and a focus on security and scalability.
Overall, Polygon aims to provide a more efficient and cost-effective way to build and deploy decentralized applications, while also addressing some of the scalability and congestion issues that have plagued the Ethereum network in recent years.
How Much Is A MATIC Worth?
One year ago, MATIC traded in a band of $1.56 to $2.05 in the first quarter, dipping below $1.4 occasionally. But from April to June 2022, the token went into freefall, going down to $0.35 by mid-June. This period was also marred by several high-profile bankruptcies in the crypto space, causing a downward spiral in the whole crypto market.
Over the next two months, the coin steadily recovered closer to $1, reaching that benchmark in August. Since then, it has maintained its price in a band of $1 to $0.75, with a spike to $1.25 in November.
In Feb of 2023, the coin is showing a steady upward trend, from $0.75 at the start of the year to $1.46 as of writing.
Polygon (MATIC) Technical Indicators
|Circulating Supply||8.7 Billion|
|Current Price ( As on 21st Feb 2023)||$1.46|
|50 Day SMA||1.104|
|100 Day SMA||0.977|
|200 Day SMA||0.921|
|14 Day Relative Strength Index||67.57|
|Fear and Greed Index||60(Greed)|
MATIC Price Prediction 2023
|Year||Optimistic Low (End of Q2)||Optimistic High (End of Q2)||Optimistic Low (End of 2023)||Optimistic High (End of 2023)|
2023 is expected to bring worldwide financial recovery, following the macroeconomic downturn through most of 2022. MATIC is expected to continue its steady growth up to a minimum of $1.1 at the end of Q2.
The bulk of recovery and growth in crypto investments is expected in the second half of 2023. With an increase in investor confidence, MATIC’s price can be pushed as high as $1.7 by the end of the year.
MATIC Price Predictions 2024
|Year||Optimistic Low (End of Q2)||Optimistic High (End of Q2)||Optimistic Low (End of 2024)||Optimistic High (End of 2024)|
Barring any sudden changes in economic conditions, MATIC’s price is expected to rise throughout 2024, reaching a high of $2.2 in Q2. Further improvements in underlying systems may also push it to rival its all-time high of $2.92 by the end of the year.
MATIC Coin Price Prediction 2025
|Year||Optimistic Low (End of Q2)||Optimistic High (End of Q2)||Optimistic Low (End of 2025)||Optimistic High (End of 2025)|
2025 is when MATIC may encounter some resistance in the market. While economic conditions are expected to be stable, Polygon is built as a scaling solution to Ethereum. By 2025, Ethereum is also expected to upgrade the mainnet to resolve scalability and handle the demand for transactions.
This may cause demand for MATIC to fall and its price to suffer. It may show signs of weakening by Q2, reaching a price of $2.6. But this may be reflected more strongly by the end of the year when MATIC can fall to as low as $2.3.
MATIC Polygon Price Prediction At a Glance
Is MATIC A Good Investment?
Polygon is showing strong signs of growth in the short and medium term. Its value will continue to rise as long as it is a compelling alternative to the main Ethereum chain. However, its value in the long term is debatable.
As Polygon is used for scaling Ethereum, it generates value by doing something the original cannot. If Ethereum itself is upgraded to address scalability concerns, Polygon loses its relevance.
It remains to be seen whether Polygon can be a good option for investors locking their funds in for 4-5 years. But investments in the shorter term can still see large gains.
Read more: Ethereum Price Prediction
Should I Invest In MATIC?
To decide whether to invest in MATIC, you must first identify the type of investment you are looking for. MATIC may not have a compelling value proposition in the long time horizon, but it will remain relevant as long as Ethereum is unable to service all its users.
Weigh the pros and cons of investing in a sidechain carefully before putting your hard-earned money into Polygon.
You can now buy Polygon (MATIC) on ZebPay Australia.