Matic now known as Polygon is a second layer scalability solution provider for the Ethereum network. It is also one of the biggest gainers this bull season not just in terms of price appreciation but also in terms of the number of users and partnerships that it has formed in such a short period of time. The altcoin recorded a new monthly high of $1.70 earlier today and currently trading at $1.67 with an 11% gain over the past 24-hours.
The altcoin has formed three daily green candles on a trot and now looks set to breach through the key resistance of $1.83. The altcoin is also on a verge of breaking out of an ascending channel on the MATIC/BTC chart which if it manages to break above, could very well propel it into the territory of the previous ATH of $2.68 set in May.
Scott Melker, a popular crypto analyst and influencer known by his Twitter handle “The Wolf of All Streets” called the breakout attempt of the ascending channel promising and believe it could trigger a bullish burst for the altcoin.
Nothing says bullish like breaking above an ascending channel.
Needs to close above the red channel and horizontal resistance to confirm, looks promising. pic.twitter.com/pQ4NcIKZht
— The Wolf Of All Streets (@scottmelker) August 21, 2021
Matic Aims to Join the New ATH Club
Matic or Polygon has been riding on the success of its development work and growing ecosystem. The popularity of Defi and now NFTs has clogged the Ethereum network, making layer-2 solution the next go-to option. Among many Ethereum L-2 solutions, Matic has been a clear winner.
A number of projects are adding Polygon support including the likes of AAVE, Curve, and now Filecoin. Polygon also became the first scaling project to be integrated into crypto.com. The altcoin could see its price follow the string of developments even when the crypto market was going through a bearish phase.
½ 📢 @Filecoin is coming to Polygon!
📂 @textileio’s Filecoin-Polygon Storage Bridge can store data from any Polygon address owner accelerating the Web3 interoperability between Polygon & Filecoin ecosystems.
🌐 Learn more: https://t.co/IN7gcXH4Wo pic.twitter.com/C6Ux0s36aD
— Polygon (@0xPolygon) August 20, 2021
Matic price like many other cryptocurrencies fell by more than 50% on a couple of occasions in May and June combined. The altcoin has managed to recover significantly and is currently 35% down from its ATH. If it manages to break out of the ascending channel it could test $2 soon.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.