The price of Polygon MATIC has risen significantly over the past few weeks as Ethereum’s merge countdown continues. The coin climbed to a high of $0.8890, about 180% above its July lows.
What happens to Polygons after merging?
Polygon is the largest Layer 2 platform in the blockchain industry. Competes with other popular scaling projects such as Optimism and Loopring.
Working with Layer 2 blockchains is relatively simple in that it helps greatly improve and accelerate the performance of other blockchains. Most scaling projects focus on his Ethereum, as it is the world’s largest smart contract platform.
So other scaling projects like Polygon and Immutable X ethereum merge.
Merging is the process by which Proof of Work (PoW) Ethereum joins with the beacon chain. It’s just a transition, more energy efficient and safer. Additionally, it lays the groundwork for more upgrades such as sharding, making it much faster.
Many Polygon investors are therefore concerned about the need for a layer 2 network after the upgrade. Additionally, Ethereum will be significantly faster and more cost-effective.
Click here for details How to buy Porygon.
But in reality, this view is wrong. For one thing, consolidation is a change in consensus, not an expansion of network capacity. Therefore, Polygon may continue to see demand after the merger.
Continued adoption has also increased the price of Polygon MATIC. For example, this week Fireblocks and Tokeny Drive announced a partnership to provide turnkey and enterprise-grade solutions for tokenization on Polygon. Other recent companies that have adopted Polygon are New Canvas, Robinhood, and GameSwifts.
Matic price prediction
The daily chart shows that the MATIC price has been in a strong bullish trend over the past few weeks. The coin has broken just below the 23.6% Fibonacci retracement level. Also, the head and shoulders form an inverted pattern.
The coin has broken above the 25- and 50-day moving averages. Also, the MACD is slightly above the neutral point. Therefore, with the bulls targeting the next major resistance level of $1.50, the coin is likely to continue rising, which is about 70% higher than the current level.
